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Caramel0
MGC1! Super risky bet, but i think we might have a confirmation soon...
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Galadon17
MGC1! I'm assuming price is being driven up to cover possible shorts for tomorrow during the Fed speech. Again, the speech could go either way, but I'm leaning bearish. Looking for a bullish manipulation over Asia/London, I'll likely enter a short with a tight stop if a good opportunity presents itself.
Done for the day, nice overnight breakout. Time to go play with the indices
Caramel0
MGC1! price broke below the bull flag pattern that I mentioned earlier.

At this time, I have 3405.3 as Target 1 and 3393 as Target 2.
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Caramel0
MGC1! have you checked the 4hrs candle yet?

I mentioned earlier today that this pump above 3408 could be a fakeout, and if price continues to retrace, we could see it retesting the yellow line and possibly retracing back inside the flag pattern that we talked about in the analysis.

That would definitely put some gas in the bearish scenario idea targeting 3208 and below
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Caramel0
MGC1! Interesting action going on right now.

Price is in a buy zone and we are creating this bull flag pattern. I am now waiting for a confirmation

There are reversal signals in the 2min and 1min that agree with this idea, but i need something in higher TFs
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Caramel0
MGC1! I have the 1hr on the left and the 4hrs on the right and you can see what I meant with the last post.

We have 2:42hrs left until the 4hr candle closes.
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Caramel0
MGC1! We got 15min left in this 1h candle, and if price holds above 3408 and we do not have a reversal, we could have a breakout confirmation.

It is still early to say and we might not even have a confirmation until the 4h candle is close, but it is looking like we might have a direction picked today.
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Caramel0
MGC1! Hellow folks,

Both scenarios that we are watching are still valid and as price approaches a confirmation level we gotta be aware of possible fakouts as we trade inside this flag/wedge pattern.

- A rejection of 3408 could drive us towards the other end of the pattern and a possible break to the downside.

- If we do have a rejection, I will be watching for price to find support at 3370 for my bullish bias.

- Levels to watch: 3408, 3346, 3283


Idea: $GC/Gold Elliot Wave Analysis …
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