Price in the Gold v USD and Gold v EURO (XAUUSD & XAUEUR) markets have formed Bullish 2 bar reversals on the 8 hour price action charts. I have loaded a ton of charts for you below, 6 in total because for today’s Daily Forex summary it is easier to show you the charts, rather than try to explain through talking.
At the time of writing this summary for you these 2 bar reversals have not yet finished forming and are still just in the making, so they may not even be 2 bar reversals by the time they finish forming. I am fairly sure that is not going to be the case though.
For you, when you are hunting your trades, you obviously only ever want to hunt trades that have finished forming and are good to pull the trigger on, BUT in saying that; you need to be hunting for your trades a few minutes before the charts close.
You do this so that you can find potential trades and then if you do find a trade setup you like, you can set it all up, work out the trade and when the candle does finish forming, all you have to do is pull the trigger and enter.
This is a far better way to go, rather than panic because price is moving and you are missing a great trade you wish you were in on and make a massive mistake because you are rushing!!!
I prefer the Gold v USD between the two of these 2 bars. The simple reason is because it has a little more space overhead to move into, that’s if it can break higher and make a move higher. Make sure to zoom your charts out to see the levels right back to the left for the resistance areas price may move into if it tries to push higher.
> If you are not familiar with trading 2 bar reversals and their major rules, then read the trading lesson at; How to Trade the 2 Bar Reversal
>> Lastly; if you are not sure how to make different time frames on your MT4 charts like this 8 hour chart below and you want to or you want to make any time frame chart for that matter, then check out
MT4 Time Change Indicator
Gold v USD 2 Bar Reversal
Daily Chart – Major Level
8 Hour Chart – Zoomed Out
8 Hour Chart – Zoomed in
Gold v EURO 2 Bar Reversal
Daily Chart – Resistance Level
8 Hour Chart – Zoomed Out
8 Hour Chart – Zoomed in
Related Forex Trading Education
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