XAUUSD 4H - Range update:
Quick update on the range illustration we have been following.
Really difficult one at the moment unless you're scalping these levels. We shared the 15m chart with the scalping levels which are working well. As you can see we're mid-range and the market is again consolidating awaiting yet another breakout based on this range.
Two key levels here are 1785-82 and 1795-7. It needs to pick a direction and make a move as the seasonal play is running out of time. We have a news release tomorrow so it could be what the market is waiting for to find an short term bottom and then begin the rise for the remainder of the year.
For the bearish view the Adam and Eve is still in play. We took short entries last week at around the 1812-14 level which we suggested you should take a majority of profits on and move the stops to entry to protect it. Well done if you followed, we're going to leave this entry to run. If you entered based on this pattern again its an idea to take it level to level, protect any trades from the top and take partials along the way.
Usually if there is volume this would complete or fail in a matter of days, however, with it being slow and gradual its giving numerous opportunities to enter and exit, especially if you us the daily levels and the 15m levels along side it
Really difficult one at the moment unless you're scalping these levels. We shared the 15m chart with the scalping levels which are working well. As you can see we're mid-range and the market is again consolidating awaiting yet another breakout based on this range.
Two key levels here are 1785-82 and 1795-7. It needs to pick a direction and make a move as the seasonal play is running out of time. We have a news release tomorrow so it could be what the market is waiting for to find an short term bottom and then begin the rise for the remainder of the year.
For the bearish view the Adam and Eve is still in play. We took short entries last week at around the 1812-14 level which we suggested you should take a majority of profits on and move the stops to entry to protect it. Well done if you followed, we're going to leave this entry to run. If you entered based on this pattern again its an idea to take it level to level, protect any trades from the top and take partials along the way.
Usually if there is volume this would complete or fail in a matter of days, however, with it being slow and gradual its giving numerous opportunities to enter and exit, especially if you us the daily levels and the 15m levels along side it
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🟡 Disclaimer: Not financial advice. For educational purposes only.
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