I believe gold has turned around bearish only a few moments ago
Updated
https://www.tradingview.com/x/E9vDy5ky/
A setup I have here to detect breakouts and capture big profits, when I get right, well its fantastic for looking inside reversal trades.
TV only allows higher time frame screen-shots, which for a variety of reasons is disappointing, one of which is that lower timeframes allow you to see exactly how the setup played out. I will deploy a workaround for this because it would be good for you to see it.
So, early days, but I'm hopeful of gold turning back bearish. That suits me because I i am still Short Gold and Silver. Mind you I am hedged and also long but I am more stacked up on the short side.
When you trade an instrument such as gold you get an insight into what they are trying to do with price and liquidity, now every time I was short the past week or so, almost every time I was offered a good price to exit those short positions, its these sorts of instances where you just know that they would rather pay you out a thousand bucks than to take a short right dow low and take many more thousands from them.
Below is the 1m timeframe of Gold. It's quite self explanatory once you see the imagery of this juncture where gold recently turned-around.
But notice how price hugs the resistance level and many attempts are tried to break-through this level but eventually gold is rejected and moves lower.
A couple moments ago the 1m gold price was traversing lower and through a 4hr timeframe. I am not an order block expert but I know enough to get by. The order block in question was a huge 4hr OB so these being 1m candles and timeframes I don't think it will get caught up in this 4hr OB.
Well guess what, the 1m candle did turn around in this 4hr OB. But this will be shortlived in my opinion. Soon I will post a trade short in gold. Rarely do I broadcast alerts for risky shorts, but this one has shifty short gold written all over it.
A setup I have here to detect breakouts and capture big profits, when I get right, well its fantastic for looking inside reversal trades.
TV only allows higher time frame screen-shots, which for a variety of reasons is disappointing, one of which is that lower timeframes allow you to see exactly how the setup played out. I will deploy a workaround for this because it would be good for you to see it.
So, early days, but I'm hopeful of gold turning back bearish. That suits me because I i am still Short Gold and Silver. Mind you I am hedged and also long but I am more stacked up on the short side.
When you trade an instrument such as gold you get an insight into what they are trying to do with price and liquidity, now every time I was short the past week or so, almost every time I was offered a good price to exit those short positions, its these sorts of instances where you just know that they would rather pay you out a thousand bucks than to take a short right dow low and take many more thousands from them.
Below is the 1m timeframe of Gold. It's quite self explanatory once you see the imagery of this juncture where gold recently turned-around.
But notice how price hugs the resistance level and many attempts are tried to break-through this level but eventually gold is rejected and moves lower.
A couple moments ago the 1m gold price was traversing lower and through a 4hr timeframe. I am not an order block expert but I know enough to get by. The order block in question was a huge 4hr OB so these being 1m candles and timeframes I don't think it will get caught up in this 4hr OB.
Well guess what, the 1m candle did turn around in this 4hr OB. But this will be shortlived in my opinion. Soon I will post a trade short in gold. Rarely do I broadcast alerts for risky shorts, but this one has shifty short gold written all over it.
Trade active
Hi guys, I noticed the Gold price turnaround to the RED-BEAR side not long ago.
I hope to post a setup very soon, it will be below in notes. Cheers, Chris
Note
Trying to be discrete as if you are only a spectator is not easy. Because I had to go back into the setup and be sure about this trade. My feeling is strongly that gold wants to move lower and revisit order blocks and any area on the chart where there is liquidity of buy and sell orders.
I would be shorting gold at current levels around 2640 with a Stop Loss at the top of the cycle 2642.50. Standby for profit targets.
Before you take the trade, pull up a 1m chart discreetly, a plain chart with no indicacators is much more discreet, just spend a few moments watching price and I bet Gold looks nervous like its under observation. If your gut feeling is that its a shifty turnaround to the bears then go on take the trade, you know want it.
Note
That is the bitcoin chart. Now keep it under your hat, but a little birdie told me that Crypto is very widely selling at the moment.Trade closed manually
No, on a closer look at 5m and 15m its still looks structured for longs.
Note
The 4hr order block mentioned is key to why its long trades there I think. But keep a watchful eye on the gold price.Note
Note
The gold price is stalling at around 2660 during Asia session Friday. See chart above.
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