Happy Lunar New Year. My best wishes to all Tflow® students, to all of you for best health and lots of wealth!
Alright, what am I watching? Again it’s always high timeframe to watch for clues. An important clue will be WR!
High timeframe WR
XAUUSD, Gold has a weekly close above 13TL, and then weekly close below 13TL, leading to conclusion that there is a WR of this “bullish” pattern. Conclusion is that Gold is still bearish.
Assuming that there is a true breakout of this ED channel, then a strong support lies at the upper ED channel around 1185. Therefore, current price 1123 has some room to go till 1185.
Into day chart
There is a bearish 1234. Drawing 2 sets of ED, there is a WR of ED high. WR of pt 2 has happened with a day/week close. Note that if you put in your boxes, then H4 box has a bearish expansion.
For the past few days, price retraced to pt 2 around 1235, thus 1235 might establish as a resistance.
If 1235 is a resistance level, then lower timeframe H4 maps another bearish 1234, with F6 broken 30 mins ago at 6pm.
If we assume round number as support, then 1200 could potential establish as a support, otherwise, a retracement back into ED channel high at support around 1185 might be expected.
Wishing all a very huat year! Most important best of health.