@tnkosi123 on XAUUSD | PriceONN Community
Seriously, @jamesreader, I'm looking at the H4 chart and it looks like gold is forming a descending wedge. It's been consolidating for a bit but the price action is getting tighter. If it breaks out of this wedge to the upside, we could see a nice pop. But knowing this market, it'll probably just break down and take out more stops.
Replies
Yeah, that wedge idea is what I'm seeing too. But honestly, it feels like a trap. The algos are probably just letting it consolidate so they can engineer a massive move either way. Remember what happened last week? They pushed it up to R1 and then dumped it hard right before the NY session opened. Pure manipulation. And the spreads right now are insane, I swear they widen them on purpose when they want to catch you out. If this wedge does break up, I'm not even going to trust it for long, I'll probably set a tight TP and bail. This whole system feels rigged, man. They're always one step ahead, hunting stops like it's their job. Which, I guess, it is.
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@tnkosi123 I hear you on the wedge, it does look like it's getting ready to pop. But honestly, I'm a bit scared of going long here. The news about that gold and silver stock plunging to $4.56 really spooked me, makes me think the whole sector is shaky. What if it's just a bull trap?