This is the FIRST ever time have analysed gold. any feedback would be great.
If we look left we see at the end of Feb/ Start of March 1217.37 / 1229.92 was a strong resistance zone.
At the moment that is were market is currently at.
I'm looking for a signal of a BEARISH engulfing candle that closes below 1217.73 at / near this zone. To signify that the retracement is over.
My first target or a cautious area is 1183.30. in the past ( around end of December 2014) it was a strong support area.
IF candle breaks this area my next target area would be 1147.80 possible double/ triple bottom.
Once in this trade i will be managing it on lower time frames. Gradually moving my Stop lose accordingly, locking in profits. In case it doesn't go to play. I don't lose all that progress.
If we look left we see at the end of Feb/ Start of March 1217.37 / 1229.92 was a strong resistance zone.
At the moment that is were market is currently at.
I'm looking for a signal of a BEARISH engulfing candle that closes below 1217.73 at / near this zone. To signify that the retracement is over.
My first target or a cautious area is 1183.30. in the past ( around end of December 2014) it was a strong support area.
IF candle breaks this area my next target area would be 1147.80 possible double/ triple bottom.
Once in this trade i will be managing it on lower time frames. Gradually moving my Stop lose accordingly, locking in profits. In case it doesn't go to play. I don't lose all that progress.