Another trading "IDEA". My gold set up has been followed very closely this week, i've enjoyed scalping and even day trading with this method. Gold moves aggressively so i am keeping tight stop losses with low lot sizes. I do believe gold needs space to breath so larger SL's with lower lots are my preference. Current set up for me looks bullish, Id expect a break and retest of the descending wedge before we see a large push, fib ascending channel has been useful for Taking profit and entries, also fib extension for larger/longer time frames :).
Just a side note, Inflation seems to be ever so present yet ignored largely by everyone, those investing i feel have sensed that we are nearing an economical struggle in the sense of rising inflation. This of course is a catalyst for the BULLISH gold moves we've seen. Yes covid is nearing an end and vaccine roll outs are going well, however, i believe that we were financially weak before covid, and now covid has exposed the flaws. More printing and more spending by the FED and government yet inflation is not yet an issue. We will see. I assume GOLD and BTC will have tremendous years for those INVESTING while those trading may bare the brunt of overly volatile markets. Yet some may say we only make money through volatility.
NOT FINANCIAL ADVICE NOT TRADING ADVICE.
I AM NOT QUALIFIED IN ANY WAY.
Just a side note, Inflation seems to be ever so present yet ignored largely by everyone, those investing i feel have sensed that we are nearing an economical struggle in the sense of rising inflation. This of course is a catalyst for the BULLISH gold moves we've seen. Yes covid is nearing an end and vaccine roll outs are going well, however, i believe that we were financially weak before covid, and now covid has exposed the flaws. More printing and more spending by the FED and government yet inflation is not yet an issue. We will see. I assume GOLD and BTC will have tremendous years for those INVESTING while those trading may bare the brunt of overly volatile markets. Yet some may say we only make money through volatility.
NOT FINANCIAL ADVICE NOT TRADING ADVICE.
I AM NOT QUALIFIED IN ANY WAY.