Forex Price Action – Gold Forms Bearish Engulfing Bar | Feb 5th

Verified Profitable Trader

Gold
Today Gold ended the London session by forming a bearish engulfing bar on the 4hr chart. It should be noted the actual bar which was engulfed was a small pin bar.  However, when you analyze the bearish engulfing bar, you will see the selling on the day was far more impulsive than the buying with the topside wick being far larger than the downside.

Now the key will be to see if it forms an HL (higher low), which would be in a series, thus suggesting an upside breakout soon. A break below $1666.50 intraday will check to the buyers at $1661, while a break above $1685 puts $1695 in focus.

bearish engulfing bar price action trading 2ndskiesforex.com feb 5th

If you want to learn to trade price action, learn rule based systems, get access to the traders forum, lifetime membership & more, visit my Price Action Course page here.

Make sure to check out my latest article End of A Trading Day/Week – What Are You Doing?

Want More? My private members get all my trade ideas & market commentary 4x per week. Click here to become a member.

Related Article