14 consecutive profits on Short positions on Gold
First of all, congrats to everyone who followed me on the 1st, and 2nd Short position that I open lately, both to Take profit #1,183.40, both were hit! We booked lots of decent profits in these 2 months I post on Tradingview. (Accuracy of information and winnings you can check on my Ideas history and compare the prices, feel free to do it.) Why wrote on chart that Take profit is still in progress / is because I am still working on it and not so sure, but will provide a reason here / and here is why... Gold, as we can see on the weekly timeframe, remains languishing beneath a key resistance level coming in at #1214. Following the formation of back-to-back bearish pin-bar patterns, the Gold clocked lows of #1180.80 as we booked excellent profits last week and weeks before that. Further downside from this point could eventually stretch as far south as the 2017 yearly opening level at #1150.90. In conjunction with weekly flow, daily movement made good ground beneath a nice-looking supply zone at #1221.20-#1207.50 last week. Aside from the base displaying attractive downside momentum, this area could also be considered the decision point to print 2018 yearly lows of #1160.30. From current price, structure shows room to press as low as a support at #1157.30. Leaving demand at #1176.20-1180.50 unchallenged by a couple of candles, London bullion rose to highs of #1193.90 on Friday. While price action effectively re-entered its consolidation zone between #1212.50/1189.70, shorting opportunities are still on the table, according to my analysis. Not only are we seen trading around the lower edge of a notable H(4) range, H(4) action concluded Friday’s session in the shape of a near-full-bodied bearish candle out of a small resistance zone at #1194.50-1191.50. It may also be worth noting a Fibonacci resistance cluster is seen sited around #1192.40. Entering short at current price is certainly an option. Should the trade come liable and the first target be achieved, traders are then urged to switch over to the higher timeframes and attempt to hold a portion of the position for a possible run towards the daily support mentioned above at #1157.30. I think we are still on Short positions but at this point can-t determine the exact Take profit, but will have it shortly. Enjoy the profits, will write soon!
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- I do provide professional Gold consulting (signals and financial advice) as well as #1 on #1 mentorship.
- Trading Gold since #2012'.
- I do provide professional Gold consulting (signals and financial advice) as well as #1 on #1 mentorship.
- Trading Gold since #2012'.
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