Hello everyone. Days ago, I've mentioned gold weighed on weekly Descending triangle pattern, whilst was supported by daily demand zone. So, how the movement ended up with?
Firstly, the daily demand zone got violated but it was false breakout with big bullish candle formed the next day. Secondly, $1808 pressure level which is in line with weekly descending triangle pattern is also violated.
So sum up, price was volatile in the past few days.
Now what? Gold is approaching the key level around $1835 for the fourth time. Will this time be different compared to other 3 previous times? Here is my trading advice.
1. Long setup: I won't jump in until the yellow zone is firmly violated. The pullback will be a good opportunity. Sellers might outnumbered buyers around $1835. Better wait until it's clear. Target is around 1880.
2. Short setup: Wait for 'watch level' to be penetrated, then look for short opportunity on smaller timeframes, say 60m. Target is previous control low around $1767.
What do you think? Give me a like if you're with me.
Firstly, the daily demand zone got violated but it was false breakout with big bullish candle formed the next day. Secondly, $1808 pressure level which is in line with weekly descending triangle pattern is also violated.
So sum up, price was volatile in the past few days.
Now what? Gold is approaching the key level around $1835 for the fourth time. Will this time be different compared to other 3 previous times? Here is my trading advice.
1. Long setup: I won't jump in until the yellow zone is firmly violated. The pullback will be a good opportunity. Sellers might outnumbered buyers around $1835. Better wait until it's clear. Target is around 1880.
2. Short setup: Wait for 'watch level' to be penetrated, then look for short opportunity on smaller timeframes, say 60m. Target is previous control low around $1767.
What do you think? Give me a like if you're with me.
코멘트:
Yep. It penetrated the zone and formed a pullback pattern. Price is likely to retest and go up again.
코멘트:
Gold reacted to the short-term MA, actually rebounded higher than my expectation. It indicates strong momentum to the upside.
코멘트:
Pullback happened.
plan your trade and trade your plan
