This chart shows the potential formation of either a symmetrical triangle or an ascending wedge on MGC1! ( Micro Gold Futures). The distinction -- Both suggest consolidation, but the edge leans bearish while the triangle is more neutral until broken.
I identified the prior impulse move downward as the dominate leg. Price is currently forming higher lows, but may fail to break past the highs with strength, suggesting potential exhaustion from the bulls.
I'm watching for:
*A possible false breakout, then breakdown continuation.
*The wedge's lower support to be tested.
* Confirmation via a clean hourly close or with a bearish engulfing below $3,371.0
My ideal entry would be at the 50% FVG pull back of the engulfing candle.
My First TP would be $3303 then my extended would be $3260, stop-loss above $3,380.
Reasoning: this idea combines FVG imbalance, 50% institutional discount levels, and price action structure. The pattern also hints at market indecision, so I remain reactive rather than predictive. The market isn't worth it just tells a story and I'm listening to the chapter before the breakout.
I identified the prior impulse move downward as the dominate leg. Price is currently forming higher lows, but may fail to break past the highs with strength, suggesting potential exhaustion from the bulls.
I'm watching for:
*A possible false breakout, then breakdown continuation.
*The wedge's lower support to be tested.
* Confirmation via a clean hourly close or with a bearish engulfing below $3,371.0
My ideal entry would be at the 50% FVG pull back of the engulfing candle.
My First TP would be $3303 then my extended would be $3260, stop-loss above $3,380.
Reasoning: this idea combines FVG imbalance, 50% institutional discount levels, and price action structure. The pattern also hints at market indecision, so I remain reactive rather than predictive. The market isn't worth it just tells a story and I'm listening to the chapter before the breakout.
Thông báo miễn trừ trách nhiệm
Thông tin và các ấn phẩm này không nhằm mục đích, và không cấu thành, lời khuyên hoặc khuyến nghị về tài chính, đầu tư, giao dịch hay các loại khác do TradingView cung cấp hoặc xác nhận. Đọc thêm tại Điều khoản Sử dụng.
Thông báo miễn trừ trách nhiệm
Thông tin và các ấn phẩm này không nhằm mục đích, và không cấu thành, lời khuyên hoặc khuyến nghị về tài chính, đầu tư, giao dịch hay các loại khác do TradingView cung cấp hoặc xác nhận. Đọc thêm tại Điều khoản Sử dụng.
