Gold retracement to setup a long trade
Following a head and shoulders pattern gold retraced and on the rebound shot up to 2520's over night for a nice long trade.
This idea follows the current upward bullish trend of the higher lows and higher highs and entering some trades within this pattern.
Setup for the next retracement to a higher low and entering a long trade on the bounce and confirmation it will move up when it breaks the first price point of $2511.
If price breaks support, it's likely to move down to the next level and follow the retracement pattern. Will wait for the change to enter a long trade once it shows bullish candles and price action of a turn around between 2511 and 2506
This idea follows the current upward bullish trend of the higher lows and higher highs and entering some trades within this pattern.
Setup for the next retracement to a higher low and entering a long trade on the bounce and confirmation it will move up when it breaks the first price point of $2511.
If price breaks support, it's likely to move down to the next level and follow the retracement pattern. Will wait for the change to enter a long trade once it shows bullish candles and price action of a turn around between 2511 and 2506
Comment
Grab this chart and then change the interval to 30m or 1hr to see the step change as drawn in the chart. Disclaimer
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