Weekly and Daily Timeframes (W & D):
GOLD is still in an uptrend, as the RSI's WMA45 is still hovering near the 70 level, and RSI remains above both of its moving averages.
H4 Timeframe:
This timeframe is currently showing a correction. However, it's not yet considered a downtrend because the WMA45 is still in the high region, close to the 70 level. But, RSI has dropped below the WMA45.
At present, the RSI on H4 is facing dynamic resistance from the WMA45 above and has support around the 4x level (43-48). The corresponding temporary price levels are approximately 3128 (resistance) and 3088 (support).
This end-of-uptrend correction on H4 could lead to high price volatility. GOLD may move within a 300–400 pip range (between the resistance from WMA45 and the RSI support around the 4x zone).
H1 Timeframe:
Currently in a downtrend, as RSI is moving below both of its MAs, and the WMA45 has a noticeable downward slope.
H1 also has RSI support at the 30 level (temporary price ~3086) and resistance at WMA45 above (temporary price ~3130).
Since we’re focusing on intraday trading, priority is given to the H1 trend.
Figure 1
Trading Plan: SELL
Entry Zone:
When RSI on M15 approaches upper resistance: levels 50–55 or 65–70.
Confirm Entry:
- Conservative/Safe approach: when M5 ends its uptrend and reverses (see example in Figure 1 – M5 ends uptrend when RSI crosses below both MAs).
- Or when bearish divergence appears on M5.
- Or even earlier, when there’s divergence on M1 and M5's WMA45 flattens out.
Stoploss:
- 20–30 pips above M5’s recent peak.
- Or if RSI on M5/M15 breaks through its previous high.
Take Profit:
- 100 pips or R:R >= 1:1.
- Or when M5’s downtrend ends (when RSI crosses above both MAs).
You can check out the indicators I use here: tradingview.com/u/dangtunglam14/
Order cancelled
Price reached the entry zone without any entry confirmation. Then price broke the resistance, so the plan changed, maybe the correction is over, switch to buy planNote
H4 RSI built 2 bottoms pattern, back to bullish. Buy when RSI M5 reach to 40-50 level.
Note
Finally, the initial plan turned out to be more effective. The RSI M15 reached 65-70 and reversed twice, each time by 100 pips.
Will be more consistent/
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.