GOLD MAY BE TARGETTING PREVIOUS DAILY HIGH OF LAST WEEK ($2,393)
Dear Traders,
The easiest way to lose money in trading is not knowing how to wait for confirmation and allowing ourselves to get trapped.
After a prolonged downtrend or uptrend, we must be able to know when a trend is getting matured and, review our charts for possible trend reversal whilst waiting for confirmation before determining possible entry points.
In my mark-up, I have just illustrated what we need to look out for. Firstly, in a previous downtrend, for there to be a reversal, there must be a sweep of the last low, followed, by a Change of Character (CHoCH), a valid retracement and a Break of Structure, which is usually a bodily candle close above the previous high that led to the last low.
It is after this confirmation that it may be more appropriate to mark our new trading range and look for entry for bullish continuation.
In my opening, Gold may be looking to take out the previous low that painted last week around $2,393.
Let me know what you think in the comment box and give this idea a like if you are with me.
The easiest way to lose money in trading is not knowing how to wait for confirmation and allowing ourselves to get trapped.
After a prolonged downtrend or uptrend, we must be able to know when a trend is getting matured and, review our charts for possible trend reversal whilst waiting for confirmation before determining possible entry points.
In my mark-up, I have just illustrated what we need to look out for. Firstly, in a previous downtrend, for there to be a reversal, there must be a sweep of the last low, followed, by a Change of Character (CHoCH), a valid retracement and a Break of Structure, which is usually a bodily candle close above the previous high that led to the last low.
It is after this confirmation that it may be more appropriate to mark our new trading range and look for entry for bullish continuation.
In my opening, Gold may be looking to take out the previous low that painted last week around $2,393.
Let me know what you think in the comment box and give this idea a like if you are with me.
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