Hey guys,
i've been watching closely to gold lately and i've found out that it basically respect structure like any other pair i'm trading. So i've decided to apply some analysis to this instrument in order to give you my particular view about it.
The black line represents a daily structure level that i pointed out last week, after the first test price action fell forming a double top that has been recently broken to the downside.
This means my bias is now short, and this may be the startinig point of a new downtrend.
In order to hop on the trend with a nice risk to reward ratio, i've outlined two "Killzones" where i'm going to pay attention to candlestick formations.
The first one is the double top's neckline and the support that's been broken ultimately, thus it's considered to be the first possible turning point.
The second one is the 2618's completion that you could take as a trade alone.
My conservative style of trading tells me to wait till i see a weakness signal on price action.
Good luck!
If you want to share your standpoint or ask questions, feel free to write below.
Otherwise, see you in the next chart!
i've been watching closely to gold lately and i've found out that it basically respect structure like any other pair i'm trading. So i've decided to apply some analysis to this instrument in order to give you my particular view about it.
The black line represents a daily structure level that i pointed out last week, after the first test price action fell forming a double top that has been recently broken to the downside.
This means my bias is now short, and this may be the startinig point of a new downtrend.
In order to hop on the trend with a nice risk to reward ratio, i've outlined two "Killzones" where i'm going to pay attention to candlestick formations.
The first one is the double top's neckline and the support that's been broken ultimately, thus it's considered to be the first possible turning point.
The second one is the 2618's completion that you could take as a trade alone.
My conservative style of trading tells me to wait till i see a weakness signal on price action.
Good luck!
If you want to share your standpoint or ask questions, feel free to write below.
Otherwise, see you in the next chart!
Comment:
Price is approaching the first killzone! Eyes open
Comment:
Pay attention to this zone:
Trade active:
Trade closed: stop reached:
Stopped out, still waiting for another selling signal
Comment:
Short again if the current candle will be engulfing:
Trade active:
Trade closed: stop reached