Alan Solarsh analyzes gold price action, identifying demand zones and candle patterns like white soldiers and doji. The discussion covers hedging decisions, price gaps, and a potential supply zone forming as a blue banner for upcoming trade management videos.
Good morning, everybody.
Let's look at the charts.
So on Saturday I did say that there is this demand zone area over here and I removed my hedge because possibly the price could go north and we didn't know what the direction was because we were in that demand zone. So the price could have gone south and then I would have hedged below the fractal, which was further left of this fractal over here. So the price has gapped up significantly. So the gap is from there. Gap is from there to there. Generally what happens is, is that the price normally comes down and fills this gap. Yes, I know that there are gaps.
Earlier this month and in December where that gap hasn't get. Have been filled yet. Yet is the operative word. Normally those gaps get filled. So right now we've got one soldier, which is this one, and a second soldier, which is this one they called white soldiers. I was thinking that the price was going to go up a little bit more and the candle was going to close. The high, I think is 4,900. 4,000, sorry, 698. Let's just check again. So the high 4,690 is the high of that green candle that created the gap up. And I thought that the pro, this candle over here, the current candle, the red candle, was going to go north. So it's anyone's guess. Usually when you get three white soldiers, there's a reversal. So this isn't a reversal signal yet. If we get a candle that closes as a doie, that candle there closes as a doe. That could be the signal for an a, an evening star. And then we could get a red candle that comes down and then this area then will become the new supply zone. So we'll see what happens later on the day. Later on in the day, my balance is currently blue. I've created that blue banner and I'll be making videos on how to do that and what to do with your open trades today so that you know what's going on. Enjoy the day, enjoy the blue banner and I'll see you soon. Ciao.
Double bottom forming - Gold ready for $4000 #trading #technicalanalysis #xauusd
