Gold on the monthly chart after the September month in a retracement move is now looking for direction.
On the weekly chart (lower left) we can notice that price respecting the descending weekly channel.
Price bounce over the ema and got rejected by the weekly resistance at the 1930 level.
On the daily chart (lower right) the market is moving inside a counter channel and last Friday price tested the lower trendline.
IF the price will manage to break and close below the 1885 area we can set a nice short order, but, if the market will respect the minor channel and break above the strong weekly resistance at 1930 we will look for a long position.
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Follow the Shrimp 🦐
Keep in mind.
• 🟣 Purple structure -> Monthly structure.
• 🔴 Red structure -> Weekly structure.
• 🔵 Blue structure -> Daily structure.
• 🟡 Yellow structure -> 4h structure.
• ⚫️ Black structure -> >4h structure.
Here is the Plancton0618 technical analysis , please comment below if you have any question.
The ENTRY in the market will be taken only if the condition of the Plancton0618 strategy will trigger.
On the weekly chart (lower left) we can notice that price respecting the descending weekly channel.
Price bounce over the ema and got rejected by the weekly resistance at the 1930 level.
On the daily chart (lower right) the market is moving inside a counter channel and last Friday price tested the lower trendline.
IF the price will manage to break and close below the 1885 area we can set a nice short order, but, if the market will respect the minor channel and break above the strong weekly resistance at 1930 we will look for a long position.
–––––
Follow the Shrimp 🦐
Keep in mind.
• 🟣 Purple structure -> Monthly structure.
• 🔴 Red structure -> Weekly structure.
• 🔵 Blue structure -> Daily structure.
• 🟡 Yellow structure -> 4h structure.
• ⚫️ Black structure -> >4h structure.
Here is the Plancton0618 technical analysis , please comment below if you have any question.
The ENTRY in the market will be taken only if the condition of the Plancton0618 strategy will trigger.