TheNotoriousTraderFX

Gold: Buckle up - Violence, Speed and Momentum is coming in!

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If you showed patience so far, you didnt take the fake out short that didnt reach its TP just shy. (Daytrade was an option to be fair).

Why the fake out happened you ask? To take liquidity and shake out longs.

Whats next: We prepare for a second fake out, but above the blue box area. On a strong reversal whick with candles coming back into the blue box, we take a short with a Risk:Reward of 1:4 for the first TP.

We monitor the situation on H4. Stay tuned.
Comment: ...still waiting on the sideline. Let´s better take a clear, strong signal rather than some signal. A trader should never regret a trade.
Comment: Anybody who thinks about a GOLD trade right: There is a possible LONG up to the blue zone. The last role reversal support just got retested, rejected and thereby confirmed.

SL just below the candle,TP is blue blox. easy R:R 1:3 or even 1:4.

Stay safe guys.
Comment: Well thank you Gold. We had a nice time. SL Taken.
Comment: The FOMC meeting hit us. Positive forecast for economy weakened Gold...for now.

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TheNotoriousTraderFX lonelyCoconut19400
@lonelyCoconut19400, thanks for the like! much appreciated.
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lonelyCoconut19400 lonelyCoconut19400
@TheNotoriousTraderFX no worries I got a short swing trade going on currently, what makes you think it’s gonna short that far?
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TheNotoriousTraderFX lonelyCoconut19400
@lonelyCoconut19400, Well for the question how far: The Zone i printed with the blue box is coming from the weekly and monthly chart (see my other analysis on Gold I did earlier). So the target for me is based on chart structure. The market tends to retest strong supp/res and a monthly support zone with a fib confirmation is a good zone for me to take into account. The size of the first leg of the short that you see in the chart (6th Aug) pretty much has the same size of the next leg, so it just makes sense. Fundamentaly Gold is overbaught heavily because many investors are unsure about the value if the USD plus economic stability. But even that has an end at some point, or in this case, at least a correction. Thats all I see and so far we are not in a trade. Everything can change in these times. Take care!
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lonelyCoconut19400 lonelyCoconut19400
@TheNotoriousTraderFX thanks for the detailed breakdown it helps a lot man!
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