That was a spectacular drive by the bulls yesterday. I lost a manual sell order and have a long term buy in that is currently 133 pips in profit at the time of writing this tutorial.
So let me get down to the key points on the table for gold,
# Price is trending bullish so buying is favorable
# Price broke out of a falling wedge pattern to the up side (bullish continuation)
# There is a retracement currently taking place form the recent 1300's high made
* Take into account the 1285 support/resistance level that is indicated with a dotted line
* Take into account that the dotted line is also around the 61.8% Fibonacci retracement level when measuring the last bullish move that commenced at 1160.00 (D1 time frame view)
> Now for price to pull back to the 1285 level +/-
> Then for price action to confirm with a buy signal like a bullish engulfing or hammer etc
If you want to understand the thought process behind identifying these kind of high probability set-ups, then please join my mailing list on www.profitfxza.com
Stick to your trading plan and your profit will stick to you
So let me get down to the key points on the table for gold,
# Price is trending bullish so buying is favorable
# Price broke out of a falling wedge pattern to the up side (bullish continuation)
# There is a retracement currently taking place form the recent 1300's high made
* Take into account the 1285 support/resistance level that is indicated with a dotted line
* Take into account that the dotted line is also around the 61.8% Fibonacci retracement level when measuring the last bullish move that commenced at 1160.00 (D1 time frame view)
> Now for price to pull back to the 1285 level +/-
> Then for price action to confirm with a buy signal like a bullish engulfing or hammer etc
If you want to understand the thought process behind identifying these kind of high probability set-ups, then please join my mailing list on www.profitfxza.com
Stick to your trading plan and your profit will stick to you