TRICKING GOLD - IF IT MAINTAINS STRUCTURE, LONG.
Updated
Here's the thing:
GOLD Weekly is going up for a few weeks now.
Monthly rejected a support, creating momentum.
Daily just tapped out of that consolidation area, to the upside.
Although I'd say we need a higher low, it seems that the consolidation is acting as such.
On the 1 hour that I've marked, you can see the nice bullish market structure price has made. Consolidated, and now popped out of that, to the upside
Now, I'm expecting a retracement (it's happening already) to create a higher low and then jump in the trade, WHEN PRICE ACTION SHOWS IT'S TIME. UNTIL THEN, NO TRADE.
We might have three different spots to create a HL (and another one even lower), so let's wait. Afterall, tomorrow is Wednesday, price might reverse and we don't want to get caught on that.
Small stops in all of the trades.
GOLD Weekly is going up for a few weeks now.
Monthly rejected a support, creating momentum.
Daily just tapped out of that consolidation area, to the upside.
Although I'd say we need a higher low, it seems that the consolidation is acting as such.
On the 1 hour that I've marked, you can see the nice bullish market structure price has made. Consolidated, and now popped out of that, to the upside
Now, I'm expecting a retracement (it's happening already) to create a higher low and then jump in the trade, WHEN PRICE ACTION SHOWS IT'S TIME. UNTIL THEN, NO TRADE.
We might have three different spots to create a HL (and another one even lower), so let's wait. Afterall, tomorrow is Wednesday, price might reverse and we don't want to get caught on that.
Small stops in all of the trades.
Trade closed: target reached
yah
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