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Bearish Gartley

Chart Review GOLD (XAUUSD) 17 Jul 2013

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I always prefer to look at GOLD chart at the bigger time frame. It gives me a better picture. Let’s have a look at Spot GOLD (XAUUSD).

Here is the Daily chart of Spot GOLD (XAUUSD). It is trading slightly below 1300 area. My immediate upside target is around the 1337ish which is also the 61.8% Fib retracement with confluence of the upper band of daily channel and previous support turns resistance level.

GOLD D1 17Jul2013
17Jul2013

In the perfect scenario (which rarely happens..), I am looking at the resume of downtrend at the resistance zone mentioned above, and continue moving to complete the 1 to 1 projected movement (as shown in the green lines)

Let’s look into more detailed H4 chart.

A potential harmonic pattern is observed in H4. At the same resistance zone around 1337, as observed from Daily time frame, a bearish Gartley is forming. Although it is important to note 1300 will provide some pretty good support should GOLD break up from here.

GOLD H4 17Jul2013
GOLD H4 17Jul2013

 

That’s it, we have marked down some important levels to watch, and potentially do some businesses. Let’s “wait and see” now.

$USDSGD 21 Oct 2011

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I don’t expect too much movement in the Friday afternoon (London session). So I will keep the chart for Monday to see if I still have good entry spot. $USDSGD  is setting up a potential short opportunity at the current level. I wish I could write a thousand-word blog post to explain the setup to you, but the chart is just way too simple and obvious to read.  I thought it would be an insult to my readers if I explain the simple things too much. 😀

So…Here is the…. CHART!

$USDSGD Bearish Harmonic setup

$EURGBP 24 Jan 2011

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I have been looking at this chart since last Friday. Starting from 0.8540 will trigger my short.  However, there’s also a possibility of running into 86 level where another bearish harmonic setup is formed. In short, currently, I am looking at the zone that contains confluence of bearish harmonic pattern, Fib levels and price resistance level.

Let’s see how it goes.

[tab: Original Setup 24 Jan 2011]

Here is the….CHART!

$EURGBP Bearish Harmonic Setup

[tab: Update 25 Jan 2011]

After the weaker than expected British GDP data, EURGBP pierced through the reversal zone. The setup is now invalidated/failed/whatever you wanna call. Time to move on, and look for next opportunity.

Here is the updated… CHART!

EURGBP Bearish Harmonic setup