#XAUUSD bearish
Updated
Hello all,
It's been a while posting a chart, I might do a chart every now and then but a real trader is trading more as being busy on this platform marketing himself. Any trader marketing services over here I highly doubt their profitablilty. Anyway to move on...
Gold has been dropping severly on Friday after faking TL break and retest traders. It's always best to wait for price action on the higher timeframes if you plan to counter the 'trend', when you see consecutive shorting or buying days on the charts.
For now we can say price has been retracing around a nice weekly level, whereby a retracement is due. Whatever goes down has to go up. That's the power of gravity in this markets and the buyers always buy low, sellers always sell high. It's an exhange every trader wants to get the best deal.
Overal the sentiment looks like it shifted to bearish as the start of the year has shown a drop of more than 1,000 pips. I therefor don't recommend any buys, if you want to buy make sure you hedge short.
My main focus for now will be looking for good prices to short from, initially I might buy the retracement as an advanced trader I know what to look for when countering the trend. But to repeat myself, the main focus is to short.
I therefore highly recommend not to buy gold .
Also I've seen comments on other ideas where people say their account took a massive hit, either way you got slipped, or you just was overleverating yourself without a stop loss. Trading is a serious business, if you treat trading as gambling I would like to advice you to stay away from this markets.
Gamblers won't succeed, traders will. Traders follow a system that's proven to work for them and we all know gambling doesn't provide sustainable results over the long term. You won't grow rich quick, it's a long term investment scheme!
PS. can all chart gurus also update their charts when they LOSE, it's easy to highlight wins..
It's been a while posting a chart, I might do a chart every now and then but a real trader is trading more as being busy on this platform marketing himself. Any trader marketing services over here I highly doubt their profitablilty. Anyway to move on...
Gold has been dropping severly on Friday after faking TL break and retest traders. It's always best to wait for price action on the higher timeframes if you plan to counter the 'trend', when you see consecutive shorting or buying days on the charts.
For now we can say price has been retracing around a nice weekly level, whereby a retracement is due. Whatever goes down has to go up. That's the power of gravity in this markets and the buyers always buy low, sellers always sell high. It's an exhange every trader wants to get the best deal.
Overal the sentiment looks like it shifted to bearish as the start of the year has shown a drop of more than 1,000 pips. I therefor don't recommend any buys, if you want to buy make sure you hedge short.
My main focus for now will be looking for good prices to short from, initially I might buy the retracement as an advanced trader I know what to look for when countering the trend. But to repeat myself, the main focus is to short.
I therefore highly recommend not to buy gold .
Also I've seen comments on other ideas where people say their account took a massive hit, either way you got slipped, or you just was overleverating yourself without a stop loss. Trading is a serious business, if you treat trading as gambling I would like to advice you to stay away from this markets.
Gamblers won't succeed, traders will. Traders follow a system that's proven to work for them and we all know gambling doesn't provide sustainable results over the long term. You won't grow rich quick, it's a long term investment scheme!
PS. can all chart gurus also update their charts when they LOSE, it's easy to highlight wins..
Note
No fancy charts, just price action and key levels.
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.