No Setups For Gold - Waiting For Daily Retrace
Hi Traders,
Hope you have all had a great weekend
Today we are just looking at Gold. We noticed that the 1-Hour head and shoulders from last week did not play out. My reasons for this were
A) It was going against the trend
B) I never trade around high time frame resistances as things can get very choppy before a move becomes clear
On the daily Timeframe, we have still not come back down to retest that old resistance and flip it to support. This makes me unsure to keep finding long positions until I know for certain that we aren’t coming back down in the very short term.
Once I know this I can put that expectation aside and keep looking for opportunities.
On the 4-Hour view, we have a bit of price structure that was broken to the upside and is currently coming back down. Whether this is a retest or not remains to be seen.
We also have a trend line ascending upwards. Im not such a fan of trend lines - they are extremely subjective.
As it stands, I see no setups for me.
Let’s keep an eye out.
Vortex
Hope you have all had a great weekend
Today we are just looking at Gold. We noticed that the 1-Hour head and shoulders from last week did not play out. My reasons for this were
A) It was going against the trend
B) I never trade around high time frame resistances as things can get very choppy before a move becomes clear
On the daily Timeframe, we have still not come back down to retest that old resistance and flip it to support. This makes me unsure to keep finding long positions until I know for certain that we aren’t coming back down in the very short term.
Once I know this I can put that expectation aside and keep looking for opportunities.
On the 4-Hour view, we have a bit of price structure that was broken to the upside and is currently coming back down. Whether this is a retest or not remains to be seen.
We also have a trend line ascending upwards. Im not such a fan of trend lines - they are extremely subjective.
As it stands, I see no setups for me.
Let’s keep an eye out.
Vortex
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