GOLD on the daily chart is providing us a deeper retracement outlook The price after the recent top is testing the 0.618. Fibonacci level and the long wicks of the last weekly candle make me consider a test of the 0.786 Fibonacci level over the support area can happen.
How can i approach this scenario?
I will wait for the European market open and check for a possible break of the weekly structure. In that case, i will move on the 4h chart and check for a possible short order according to the Plancton's strategy rules.
--–– 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 questions. The ENTRY in the market will be taken only if the condition of the Plancton0618 strategy will trigger
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lower low and break below the 0.618 as expected
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price reached a first support area, possible retracement to the upside from here