Gold | Not so golden right now...
Updated
Since the top (yellow circle) that was created in August 2020 Gold has been ranging. Three times price tried to move above the resistance level (S/R Level 2) but got pushed down every time. Now the fourth try and it doenst look ... watch out bad pun... golden for the bulls. Its still not decided as the weekly candle just started. However i will take a short if price should fall below S/R Level 2.I will narrow down my entry as shortly after the weekly close.
Entry: Price falling below S/R Level 2 and closing on a weekly level.
Invalidation: Price doenst close below S/R Level 2
S-L: Price retaking S/R Level 2 after a close below
Target: Minor Swinglow where the current move started aswell a nice area to trigger the Stop- Losses of many people.
Good luck
Disclaimer:
- My posts are mostly for my own journaling
- This information does not constitute as financial advice and is only for educational purposes. I am not your financial advisor.
- You trade entirely at your own risk
- Make your own research
- Finance and trading is evil, capitalism is bad, duh ;)
Entry: Price falling below S/R Level 2 and closing on a weekly level.
Invalidation: Price doenst close below S/R Level 2
S-L: Price retaking S/R Level 2 after a close below
Target: Minor Swinglow where the current move started aswell a nice area to trigger the Stop- Losses of many people.
Good luck
Disclaimer:
- My posts are mostly for my own journaling
- This information does not constitute as financial advice and is only for educational purposes. I am not your financial advisor.
- You trade entirely at your own risk
- Make your own research
- Finance and trading is evil, capitalism is bad, duh ;)
Note
Personally like the current reaction on the daily. Will open a short soon.Note
Trade active
Note
Trade was opened before it met my requirements as the volatile reaction fits my risk criteriaNote
If tho price went against me, adjusted SL to a bit above S/R Level 2Trade closed: stop reached
Stop- Loss was triggered
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.