Day-Trading Scenerio on Gold
Updated
Hi there! Bolu here.
The overall structure of price is still Bearish.
if this pullback is validated at the 2nd TP level, which is also a 4H TL Major structure retest, we will have the confirmation for a sell.
The current trend is still bullish so we wait for confirmation to take our sells.
The overall structure of price is still Bearish.
if this pullback is validated at the 2nd TP level, which is also a 4H TL Major structure retest, we will have the confirmation for a sell.
The current trend is still bullish so we wait for confirmation to take our sells.
Trade active
Price had bullish exhaustions close to the TL , we didn't quite hit the -61.8% Tp2 level for the solid confirmation , but the Wick exhaustion at the Supply zone and 3rd TL bounce confirmed our sell bias. watching for a pullback and if price respects the resistance, then we take the short down to the next level of support around 1961.Note
Our Gold Target is still in play. There is another entry opportunity @1994-1988 to short to 1961. I have been day trading this and Gold is currently in a descending channel after the strong impulse move which indicated bearish momentum is currently still in play.
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