Dear Colibri-ling 🤓
Last time I wrote about Gold.
Let me remind you 🙂
I was in a day trade already started in my day trading room:
I took profits at some point on Monday from this short-term trade-turned into an overnight trade.
I was looking for the price to to come down a bit and it did.
But what happened was after price came down a bit, it continued going lower… and lower ⬇
At some point, the price was at a level that started looking like there might be a new bearish trend establishing itself.
Well, so far price has stalled at around 1920 and there was 🐻 a bearish engulfing pattern that formed on Friday.
If price was not next to a major support level, I might have considered shorting it.
But since we are so close to a support level, I believe this might be a last bearish pattern, which might indeed lead to fresh buying interest 🚀
Therefore, I will be more interested in a 4H bullish confirmation.
Monday’s price session will confirm or reject this possibility.
Let’s now look at EURUSD.
EURUSD Trading Analysis 19.03.2022
So, what happened with EURUSD last Friday 🤔
There was a lot of activity especially with BOE raising interest rates.
EURUSD seems to be locked in-between 1.0800 and 1.1000.
Currently, there is an 📊 inside day candlestick pattern on the daily timeframe
This is a predecessor of more bearishness.
Therefore, I will be looking for another confirmation from the 4H chart.
If such arrives, I will be in a better position to go short.
If such does not arrive, then there is a likelihood that price will continue its uptrend 🚀
There is no way of knowing this in advance, so we will need to wait for price to confirm or reject our expectations.
Did you read my latest article on ☕️ The Inverted Cup And Handle and How to Profit With It 🤑