Gold Chart Analysis Week: Feb 25 '19
Still backtesting Gold to perfect my entries and increase my win ratio.
What's new: 1st time using the Fib retracement. So far I'm liking it. Price reacted well on the fibs level .5 and .618. All my entries could have been made at the fib level. I noticed that price was bouncing in between two levels (.5 and .618) which I could of use for the consolidation strategy.
1st time marking institutional levels, every 10 points. Priced lined up with 1330 level well, also lined up with the fibs .618. Price did go from 1330 to 1320 securing 10 points or 100 pips.
What could change:
I missed my entry due to my supply zone being off. It actually aligned well with a fib zone. When drawing Supply/Demand zone, the zone is as big as the second candle before the aggressive move.
What happened:
I had predicted that price would retrace to the trendline, which it did. Has printed a pin bar candle, which could suggest it is ready to continue the overall trend. However, there is still a possibility it may retest the daily support level
What didn't happen:
Didn't see much play by smart money, assuming since the price is not at a major level. Lil wicks here and there but nothing major to grab liquidity
What's new: 1st time using the Fib retracement. So far I'm liking it. Price reacted well on the fibs level .5 and .618. All my entries could have been made at the fib level. I noticed that price was bouncing in between two levels (.5 and .618) which I could of use for the consolidation strategy.
1st time marking institutional levels, every 10 points. Priced lined up with 1330 level well, also lined up with the fibs .618. Price did go from 1330 to 1320 securing 10 points or 100 pips.
What could change:
I missed my entry due to my supply zone being off. It actually aligned well with a fib zone. When drawing Supply/Demand zone, the zone is as big as the second candle before the aggressive move.
What happened:
I had predicted that price would retrace to the trendline, which it did. Has printed a pin bar candle, which could suggest it is ready to continue the overall trend. However, there is still a possibility it may retest the daily support level
What didn't happen:
Didn't see much play by smart money, assuming since the price is not at a major level. Lil wicks here and there but nothing major to grab liquidity
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