Sunday, April 15, 2012

15th April 2012 - weekend setups

I spent my Saturday night looking at possible market setups for Monday morning. Only one struck me as interesting, being the XAUUSD (gold).


A two-bar reversal pattern presented itself on Friday's close. It looks as if gold is now moving within a downward-sloping channel. I'm trying to receive feedback from more-experienced traders about this potential setup, but it looks like something I like. The two-bar reversal has formed at both horizontal and channel resistance levels, and favours the overall downward trend.

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