As in the title, I was interested in three financial instruments earlier this week: BTC, EURGBP and Gold. Some interesting inside and outside bar formations appeared here for the first two and a symmetrical triangle on the gold chart.
BTC – inside bar
The daily candle of 12 May with the next formed an inside bar formation on the BTC chart. Yesterday, the price left the formation upwards, and we are currently observing a return to the formation and testing it from the top. If the breakout is successful and the price of BTC returns to growth with the MACD rising (i.e. it turns green), it will be a signal for the continuation of the growth initiated in November.
EURGBP – bullish engulfing
At the beginning of May (9.05), the EURGBP price overcame important support at 0.8720, but just two days later there was a test from below of the aforementioned support, which acted as resistance this time. A bullish engulfing formation appeared. As long as the price does not break out of the formation, we are left waiting. Any breakout can be an opportunity to open an order. If upwards and the MACD enters an upward phase – a strong signal to buy.
GOLD – is it a triangle or a channel?
The GOLD price in May reached USD 2078/oz setting an all-time record. Since March, the range of movement of the gold price has formed an upward channel. Currently, the price is close to the support of this channel. The MACD is forming a downward divergence. Defeat of the support could be the impetus for further declines.
A detailed analysis of the three instruments and many other with reasoning based on the assumptions of the PA+MACD will be available during my live trading sessions from Monday to Friday every week.
LIVE EDUCATION SESSIONS
This WEEK (15-20 May) I am pleased to invite you to several online sessions. Below is the schedule of meetings:
The above analysis is based on the PA+MACD strategy, a detailed description of which you can read HERE . I will talk more about the PA+MACD strategy applied to these currency pairs during the live trading sessions which you can attend from Monday to Friday.
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