Day trading course
Gold H&S Pattern on 120min chart , GC 06-13 Futures Contract
GOLD H&S Pattern ( what we may See)
On 240 and 120 minutes, we can see a nice Potential of H&S Pattern. If this Pattern Succeed we should finally see if Gold will go Long(above 1500points) to or Short(retest 1340points). Few trader are thinking gold will keep losing value again very soon. For my self, I’m not sure any more, why? 1st I don’t like when we reach 50% Ret. of Fibonacci and start to consolidate. And 2nd, on Friday, Sellers finally break the consolidation, but fail to keep gold price under 1440 points.
Is why I’m will just watch how gold will react at Right Shoulder.
Take a note, to see this H&S pattern, few thing need to be done:
1st Ressistance: Buyers need to pass this Consolidation Area to be able retest my 2nd Resistance.
2nd Ressistance: this Area are very important, if Sellers show Up at 200MA, they may fail by get in the market too fast. But If they let buyers pass 200MA, and retest the double top, the 200MA will be a Resistance for sellers, since buyers will be above. And it will be harder for sellers to close under.
3rd Resistance: at this level sellers should stop,let buyers get back in the game, and then will see if Gold direction will be Long or Short.
GBP/USD will it fall? Using 6B E-mini futures contract on Ninja Traders 7.
GBPUSD 1440min chart:
Few weeks ago, I mention about GBPUSD need to go back at 50% Ret. Fibonacci. and then we will see Sellers coming back. Finally last week Buyers get there and Sellers start to show up. Buyers fail to pass many time 200MA on daily chart, and be at the top of Bullish Trend, sellers show up and bring GBPUSD price down, and try to break Bullish Trend. But they fail.
Right now, we have to option,1st Sellers will break Bullish trend next week, and we should see a nice drop to go back and retest 1.4830 price. If buyers are back, we may see a consolidation for next week.
GBP/USD 15Min chart
15Min chart will show us if GBPUSD will fall in a consolidation or sellers will keep doping GBPUSD price down.
What I’m watching for?
If Buyers close above 50MA , we will go back to the 200MA ( they may never reach 200MA if they start to lose momentum at half way).
If Sellers keep this 15min chart bearish trend, they will retest the double bottom, and if they succeed to close under the double bottom with same level of volume or greater than previous move down, expect to see GBPUSD price go back to 1.4830
AudUsd H&S Update, using Ninja Trader 7, 6A.
As you all know, I made this H&S call for long time already, before it happen.
We actually bounce twice on the right shoulder before get a direction. How ever, Now I’m looking how market will react in every resistance. Buyers can fail at any time or maybe not… is not a big deal for me.