I had post an idea before last week. It was winning trade even though the gain was not hign as my expectation.
As i indicated within last post, Gold was oscillating in a pivot area (1160~1366) on 1W chart during past 4 years. It may continue a quite long time.
But on 1D chart, an uptrend momentum is still in progress, it now encounters a retracement and i expect it will rebounce
above 1347 after price reaches new low (somewhere among 1250~1266)
Now if i look at 4H chart, Gold is forming a oscillation pivot area among 1277~1289.
According to Principle " The Trend Will Be Always Accomplished In Perfect Way", I expect the 1H bounce will be completed among 1290~1300.
But the downtrend is still in sight after 1H bounce. So i'd wait for a short oppotunity as it is still down trend on 4H level.
Most importantly, the upside risk is much bigger than gain on 4H level.
Planned Order: Sell at 1300, SL:1310, TP:1260
As i indicated within last post, Gold was oscillating in a pivot area (1160~1366) on 1W chart during past 4 years. It may continue a quite long time.
But on 1D chart, an uptrend momentum is still in progress, it now encounters a retracement and i expect it will rebounce
above 1347 after price reaches new low (somewhere among 1250~1266)
Now if i look at 4H chart, Gold is forming a oscillation pivot area among 1277~1289.
According to Principle " The Trend Will Be Always Accomplished In Perfect Way", I expect the 1H bounce will be completed among 1290~1300.
But the downtrend is still in sight after 1H bounce. So i'd wait for a short oppotunity as it is still down trend on 4H level.
Most importantly, the upside risk is much bigger than gain on 4H level.
Planned Order: Sell at 1300, SL:1310, TP:1260
Note
I don't know why i always can not put 4H chart on main picture area. So i put it here as an image
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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.