Hi Traders,
We are now a couple of hours into the London session, One of my absolute favorite setups arises as we get volume into the markets, let's get into it
On the 3O Min timeframe, Gold made a slight break to the upside above 1857 and found resistance at 1860. Price fell back into the range with a strong bearish candle, I now have confidence that if price manages to break below 1855.60 we can get impulsive sell entries on gold and ride price down to the bottom of the range of 1849.8.
This is a simple yet effective setup and all we need to do is wait for price to come to us, Ideally, I want this current 30-minute candle to create a nice top wick and then flip and close bearish, stops can be adjusted accordingly as it would be best above the top wick of the 30 min candle.
Cheers for now.
Renaldo Philander
We are now a couple of hours into the London session, One of my absolute favorite setups arises as we get volume into the markets, let's get into it
On the 3O Min timeframe, Gold made a slight break to the upside above 1857 and found resistance at 1860. Price fell back into the range with a strong bearish candle, I now have confidence that if price manages to break below 1855.60 we can get impulsive sell entries on gold and ride price down to the bottom of the range of 1849.8.
This is a simple yet effective setup and all we need to do is wait for price to come to us, Ideally, I want this current 30-minute candle to create a nice top wick and then flip and close bearish, stops can be adjusted accordingly as it would be best above the top wick of the 30 min candle.
Cheers for now.
Renaldo Philander
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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.