Trade plan 20 October 2016

XAUUSD Daily

-Daily chart Price Action Price previously broke through the descending triangle and broke through the 1274.9700 Psyc Level and is currently testing the psyc level as resistance Stochastic is currently at the 50% line and heading to the overbought zone Market The 55 and 21 Moving average indicate a strong bearish market

XAUUSD H4

-H4 chart Price Action Price is currently at the weekly resistance zone (WR2),Price is previously bounced off the 38.2 fib zone Stochastic is currently at overbought zone Market The 55 and 21 moving averages seen to be converging from the strong bearish market

XAUUSD H1

-H1 chart Price Action Price is currently at daily cluster pivot point ,Price also also is seen to form Descending Scallop patten Market The 55 and 21 Moving average show a possible convergence from the bullish market Planed Entry Looking to see a lower low which will test the 1267.9 psyc level as resistance Entry : 1267.90 SL :1272.50 TP :1214.00

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