GOLD TRADING IDEA
Updated
G'day, Guys
It's Friday again. Today let's analyze GOLD, as the previous projection was perfectly projected. Today we expect the price is creating a correction which is we expecting reaching Mid Range Zone.
As I already executed a buy position with tight stop loss targeting take profit at 1813.86 area and waiting for next confirmation before entering the market.
This is considered a crucial level for Gold. Why? Let's me explain overall of the market story.
From Weekly perspective, this pair still showing a strong bullish trend which is created on August 22, 2018
From a Daily perspective, this pair bearish to complete the market cycles retest the Daily Trendline.
In the 4 Hours perspective, this pair completing a market cycle of Demand Zone which is rejected and pushing this price to go high.
Based on this structure, we clearly saw the Market Structure forming and most likely will be stuck in MRZ before making any further movement. Technically, by respecting a bigger time frame there possibility the price break out for a bullish trend.
Unless it's rejected and bearish market taking over there will be a high possibility of Gold looking for 1749.20 area.
For now, my decision is to take advantage of the minor movement go long and targeting a small profit around with tight stop loss to avoid and fluctuations.
Let's see what happens next.
It's Friday again. Today let's analyze GOLD, as the previous projection was perfectly projected. Today we expect the price is creating a correction which is we expecting reaching Mid Range Zone.
As I already executed a buy position with tight stop loss targeting take profit at 1813.86 area and waiting for next confirmation before entering the market.
This is considered a crucial level for Gold. Why? Let's me explain overall of the market story.
From Weekly perspective, this pair still showing a strong bullish trend which is created on August 22, 2018
From a Daily perspective, this pair bearish to complete the market cycles retest the Daily Trendline.
In the 4 Hours perspective, this pair completing a market cycle of Demand Zone which is rejected and pushing this price to go high.
Based on this structure, we clearly saw the Market Structure forming and most likely will be stuck in MRZ before making any further movement. Technically, by respecting a bigger time frame there possibility the price break out for a bullish trend.
Unless it's rejected and bearish market taking over there will be a high possibility of Gold looking for 1749.20 area.
For now, my decision is to take advantage of the minor movement go long and targeting a small profit around with tight stop loss to avoid and fluctuations.
Let's see what happens next.
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