By Admiral Markets
Source: Admiral Markets MT5 with MT5SE Add-on
The Master candle breakout (blue highlight) happened exactly below 1223.48 and the price went to 1219 zone subsequently. This indicates a range play with continuation possibilities. Below 1219, targets are 1215.50 and 1213. 1208.82 is the final daily projected target. However, if we see a spike above 1228.52 (master candle’s high) next targets should be 1232.50 followed by 1238.23.
W L3 – Weekly Camarilla Pivot (Weekly Interim Support)
W H3 – Weekly Camarilla Pivot (Weekly Interim Resistance)
W H4 – Weekly Camarilla Pivot (Strong Weekly Resistance)
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D H4 – Daily Camarilla Pivot (Very Strong Daily Resistance)
D L3 – Daily Camarilla Pivot (Daily Support)
D L4 – Daily H4 Camarilla (Very Strong Daily Support)
POC – Point Of Confluence (The zone where we expect price to react aka entry zone)
This material does not contain and should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments. Please note that such trading analysis is not a reliable indicator for any current or future performance, as circumstances may change over time. Before making any investment decisions, you should seek advice from independent financial advisors to ensure you understand the risks.
Article by Admiral Markets
Source: Gold Master Candle Breakout
Admiral Markets is a leading online provider, offering trading with Forex and CFDs on stocks, indices, precious metals and energy.
