Xauusd 4-H chart pattern

9 Haz

Read full description:
I'm providing a H-4 Xauusd technical analysis highlighting a Bearish Wedge pattern. Here's a breakdown of the chart elements:

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🔍 Key Chart Features:

1. Bearish Wedge:

The chart shows price action consolidating within a rising wedge.

This is typically a bearish reversal pattern, especially when it forms after an uptrend or in a channel.

A breakdown below the wedge is expected, indicating potential downside.


2. Strong Resistance:

Labeled at the top of a previous price peak.

This level has previously caused price rejections, confirming its significance.


3. Momentum Strategy (MomLE & MomSE):

Indicators showing Momentum Long Entry (MomLE) and Momentum Short Entry (MomSE).

These are probably generated by a custom momentum-based strategy.


4. Projected Price Targets:

Following a breakdown from the wedge, the chart outlines three bearish targets:

Target Label Price Level (Approx.)

Target 1 3286
Target 2 3250
Target 3 3165
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📉 Interpretation:

The setup suggests the price may break down from the wedge and follow a bearish path toward the listed targets.

Confirmation of this move would come from a break below the wedge’s lower trendline, ideally with high volume.
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⚠️ Trading Consideration:

Watch for confirmation before entering a short position.

Set appropriate stop-loss levels, possibly above the wedge resistance or recent highs.

Consider using additional indicators (like RSI, MACD, volume) to confirm the bearish setup.

10 Haz

İşlem aktif

++350 pips running
Hold on sell side