Gold Chart Analysis Week: Feb 25 '19
Backtesting Gold to work on my perfecting my entries and exit.
What happening?
Theoretical made 3 trades. All hit SL. Price did move to my Day support like I had expected it could, but it broke past. Once the trendline broke, I could of got in for the sell but decided against it as I "knew" the price would reject the day support.
Belive Smart money took place for the sell around Fib .238. long wick would of took liquidity above to push through support.
What I learned?
Another meaning of go with the trend. I knew that gold was going to sell, to at least my daily support. Had I executed a sell, I would have caught the drop and break and not be caught by surprise.
I had a feeling Gold would drop to daily support before it bought again, Should have only had one entry at around that level. Anticipating does not help,if I miss the move that's ok, I can find another entry. Either have a deep SL or wait for price.
Seems like Fib zones .234 and .382 or not as strong as Fibs .5 and .618.
A pin bar candle doesn't seem to be valid if there are long wicks on both side. could be why my confluence the 2nd time didn't play out. There was a mini buy for my 1st group, but the 2nd group it only sold. The selloff could of been foreseen also by the long wick pinbar.
What happening?
Theoretical made 3 trades. All hit SL. Price did move to my Day support like I had expected it could, but it broke past. Once the trendline broke, I could of got in for the sell but decided against it as I "knew" the price would reject the day support.
Belive Smart money took place for the sell around Fib .238. long wick would of took liquidity above to push through support.
What I learned?
Another meaning of go with the trend. I knew that gold was going to sell, to at least my daily support. Had I executed a sell, I would have caught the drop and break and not be caught by surprise.
I had a feeling Gold would drop to daily support before it bought again, Should have only had one entry at around that level. Anticipating does not help,if I miss the move that's ok, I can find another entry. Either have a deep SL or wait for price.
Seems like Fib zones .234 and .382 or not as strong as Fibs .5 and .618.
A pin bar candle doesn't seem to be valid if there are long wicks on both side. could be why my confluence the 2nd time didn't play out. There was a mini buy for my 1st group, but the 2nd group it only sold. The selloff could of been foreseen also by the long wick pinbar.
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