GoldViewFX - 1H Market UPDATE

17 Okt 2022

Hey Everyone,

Fantastic start to our week with an awesome BUY entry at premiere club at 1644 and trailed all the way to 1664 BOOOOOM!!!!

Also, for everyone else our analysis also played out giving the entry with EMA5 cross and lock above 1646 opening 1657, which was also confirmed and HIT.

FROM SUNDAYS POST
The key thing to notice here is; when a range shift takes place into the new rangebox, we need to see how this was challenged historically. We can see when price entered this rangebox previously we saw price re-test the entrance of the range box creating resistance before continuing the move down to test the bottom. This represents a retracement and therefore momentum from retracements can change direction. This is why any new range shifts are best traded after the re-test.
- This is a perfect example of why we didn't follow the bearish momentum into the new rangebox below. The re-test broke through like we said, and momentum took over for a change of direction and therefore seeing the push up.

We are now seeing some retracement and looking for support above 1657 or 1646 to continue for another push up. However, we will need to see 1676 to break in order for the upper range to open.

We will now wait patiently and continue to track and trade the movement with EMA5 cross and lock both ways confirming movement level to level.

BULLISH TARGETS
1646 - DONE
1655 - DONE

EMA5 CROSS AND LOCK ABOVE 1646 WILL OPEN 1657 - DONE

EMA5 CROSS AND LOCK ABOVE 1676 WILL OPEN 1683, 1691, 1698 AND 1708.

BEARISH TARGETS
1637
1626
1620

EMA5 CROSS AND LOCK BELOW 1620 WILL OPEN 1605 AND 1592

SWING RANGE
1620

STRUCTURE SUPPORT
1592

As always, we will keep you all updated with regular updates throughout the week and how we manage the setups. Please don't forget to like, comment and follow to support us, we really appreciate it!


GoldViewFX
XAUUSD TOP AUTHOR