GOLD has maintained its 4h/D support up to now which shows an obvious buyer presence. A prime example of resistance becoming support.
Reason for entry:
15 min break of structure, and again resistance becoming support (indicated by the purple line)
5 min double bottom, which we are watching patiently to see if this trade can blossom into a 4h bullish candle.
(at the time of this writing, 5min has broken structure. We will continue to monitor the following timeframes until we have a full transition to 4h)
Strong Bullish Presence - Maintained Support
Aiming to reach our weekly high and hopefully beyond. Daily has not broken its support and has a strong bullish rally above the MA. I believe gold wants to reach 1560 (monthly resistance) before giving us a decent pullback or drop.
Will maintain my trades until 12p where i will either close my positions or move my stops to breakeven.
Have a great trading day!
Reason for entry:
15 min break of structure, and again resistance becoming support (indicated by the purple line)
5 min double bottom, which we are watching patiently to see if this trade can blossom into a 4h bullish candle.
(at the time of this writing, 5min has broken structure. We will continue to monitor the following timeframes until we have a full transition to 4h)
Strong Bullish Presence - Maintained Support
Aiming to reach our weekly high and hopefully beyond. Daily has not broken its support and has a strong bullish rally above the MA. I believe gold wants to reach 1560 (monthly resistance) before giving us a decent pullback or drop.
Will maintain my trades until 12p where i will either close my positions or move my stops to breakeven.
Have a great trading day!
Comment:
15 min, just retested its HL, perfect time for an entry!
Order cancelled:
15 and 30 closed bearish.
Trade active:
The market will always throw curveballs to get the trader to believe the market is running the opposite way. Why does this mostly affect new traders?? Because they focus on small timeframes to base their trades.
Please dont mind these notes, they are for study purposes.
Please dont mind these notes, they are for study purposes.
Comment:
During that pull back that closed 15 min bearish, the 30 min chart was setting up a ladder entry. about 45 min window for an entry. Pushing up now. Lets see if we can set a new high!
Comment:
partial, 4h high reached. Roll stops 5pips past entry.