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GOLD POTENTIAL PLAY Gold Gold Gold, such a wonderful market to trade, such a beast to master. Whats up guys, i never show ideas for gold, but i think its about time i start posting more on here so this is the first step I suppose. Lets hop into it; as we can see, gold is in somewhat of a consolidation zone marked in purple, and this is telling us either price is preparing for a shoot upwards, or a shoot downwards. It really depends on the close of the next hourly candle in my opinion. So using price action, we will have 2 scenarios: Price closes bullish and continues upwards (this can be a doji as well, as long as the candle is a bull candle). In this instance, we would move to the smaller timeframes and search for a potential entry for a buy and ride the wave to the green I have marked up for a nice little scalp on the day. Scenario 2: Price closes BEARISH (Engulfs the last bull candle, and stays under the 2 ema's I have marked on my chart). In this instance, we would be searching for short positions and place our stop loss just above the upper level of this little consolidation zone and rice the wave to the lower wick marked by the support line I have on bottom Which ever may be the case, we must be patient in our approach and resist the urge to hop in the market early just because we might thin we know where price will go. Just wait, and trade WITH the market. Not ahead, and not behind; WITH the market. Trade safe, Trade smart, Trade Precise, we got this
OANDA:XAUUSD
by fastboiijd
GBPUSD Potential Reversal...Whats up guys, Im back with yet another idea. We posting early this time but its time for me to get on my trading view grind for real. This on is fairly simple right now, and it involves 2 potential resistance levels. The first, which is marked in blue and the second marked in red. Price was pushing down heavily during the night and completely reversed during the Morning of London session. Like i always say, price tends to reverse London's direction during the New York session. This doesnt always happen but its fairly common. As we look at the first level of support i have marked, we can look back on the hourly chart and see that price has been here a number of times, clarifying this level as a semi strong resistance. If price breaks pas this level, we can wait for price to hit the red line i have marked and observe orice action from there. Not a lot of hints from the market right now since we are in the middle of a move it seems like. Whenever price is in the middle of a move up or down, its wiser to stay on the side lines and wait for consolidation or rejections of some sort. With that being said, traders, be patient this morning and wait for clear indications from price on potential sell opportunities, i see on the RSI that we are over bought heavily, yet another indication of a potential reversal in this bull run. The candles have been bullish in nature however, so this could be completely off and price just continues to shoot up... TRADE SAFE, TRADE PRECISE, AND TRADE IN FLOW!
by fastboiijd