XAUUSD | LONG as bullish reversal noticed at significant

#Week10-Strategy-1

BULLISH INDICATOR (DEC 16)

1. Bullish HH and HLs
2. Strong Bullish candles at significant support region of 1775 to 1777
3. The bearish trend line has been broken
4. Chart pattern is similar to double-bottom reversals
4. Next significant resistance is close to FIB level 78.6%
5. Bullish trend expected to test the long-term resistance of 1795 or short-term resistance of 1806-1810
6. RSI does not show any divergence so a Bullish trend is expected on 1-hour chart

BEARISH INDICATOR (DEC 16)

1. As per seasonal, the strongest resistance is around 1795 over the past 10-11 years
2. Price action may test price 1795 and then reverse
3. Otherwise next reversal is expected between 1806 and 1810.

PREDICTIONS
1. Bullish reversal has happened and a short-term bullish trend is expected
2. Next short opportunity could be at the significant resistance level of 1806-1810

BIAS 1 = LONG - PLAN 1 (Buy @ Market price 1787) and set TP1 at 1795 and TP2 at next significant resistance.

BIAS 2 = SHORT - PLAN 2, (if PLAN-A TP1 hits then anticipate to Sell @ market price of TP2, after re-checking the bearish indications)

PLAN A: Long @ Market price (As the Upper bearish channel has been broken)

EN1: 1790.78 (@ Market)
EN2: 1790.06 (@ Market)
SL: 1781.19
TP1: 1799.19 - RR: 0.88 - Lt: 0.05
TP2: 1808.4 - RR: 2.07 - Lt: 0.1

PLAN B: SHORT at 1810.
If TP2 of PLAN A will hit, then re-evaluate Bearish conditions.

EN: 1810 (@ then Market Order)
SL: ?
TP1: ? - RR: ? - Lt: 0.05
TP2: ? - RR: ? - Lt: 0.1