trading plan for gold: structure trade with confirmation
Updated
hey guys,
watching gold on a daily we see that the market is approaching a significant level of resistance.
on lower timeframes, we see that the market is trading inside a rising wedge pattern,
and we see a steady volume contraction as the market becoming closer and closer to resistance.
your plan for gold is to wait for a bearish breakout of a rising wedge - it will be a good confirmation signal.
as the market closes below the support line of the wedge,
sell it with your target based on structure around 1288
good luck!
Note
attempt to break the wedgeOrder cancelled
Market sets new higher highThe order is canceled
Once again very good lesson on trading structure with confirmation,
Being an aggressive trader, you would sell the market as it reaches the resistanc, while trading with confirmation we were waiting for bears to confirm the strength of the structure.
The market continues upwards, there was no confirmation so we just look for another opportunity
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