XAUUSD
Forewords -
* This is not financial advice, just my thoughts
* DYOR
* Not held responsible, remember... you control your own trades...
Mothers Day TA :-/
So this week I'll go into abit more detail over my weekly plan for movements (this is a big call for me as I don't tell my direct movements). Yes it's messy so I'll try to explain my unstructured logic.
11/05 --> 14/05 12:00PM
Basically come market open on the 11th if I can catch it, I'll LONG (@ 1702-1705 StopLoss: 1696) and follow the GREEN ascending triangle as far up as it can go,
Trends Up: If it makes it all the way through to the 14th @ 12:00pm (GREEN triangle tip) and on-wards I'll be re-evaluating whether to close my position or let trailing stop loss just handle whatever happens happens etc...
11/05:
Trends Up: I'll be watching if 1720-1722 price will hold as support. 5m/15m closes will be monitored
Trends Down: If by close of day it's still under 1720 then onto the 12/05 to see if that trend continues or just a case of Monday blues and it'll go up.
12/05
Trends Up: If 1720-1722 still holding today then 1723.5--1729.50 should be the range (assuming all is well).
Trends Down: If it only touches in this range I'd be tempted to open a low leverage short from (1720 --> 1694) to gain some small pips
13/05
This will be the tricky day as it'll define the rest of the week
Trends Up: If a range of 1725--> Top Green Line holds and dances in this tight area in the morning then move LONG StopLoss to 1723
Trends Down: Watch any tests of the Bottom GREEN Line for signs of breakdown, if a small TF shows it holds below it for more than a few candles in a row then it *might* be Trending back down into the YELLOW triangle range. If you do see signs of this breakdown then my plan for myself is to open shorts around these hovering price ranges :
Open SHORT 1729 StopLoss 1733.5 Profit-Close TBA <--- Trailing SL (see where it ends up)
Open SHORT 1724 StopLoss 1728.5 Profit-Close 1685?
Open SHORT 1720 StopLoss 1724.5 Profit-Close 1695?
14/05
Trends Up: If 12-13/05 has been trending up I'll be watching for the peak around 9-10am (1733 = GREEN Triangle Tip) and see if it keeps pushing onwards, if so then I'll leave my LONG open a while longer and move static SL to 1730. The hard'ish resistance is around 1740
Trends Down: If it trends and breaks below the GREEN Triangle then yesterdays shorts will come into play :
Open SHORT 1729 StopLoss 1733.5 Profit-Close TBA <--- Trailing SL (see where it ends up)
Open SHORT 1724 StopLoss 1728.5 Profit-Close 1685?
Open SHORT 1720 StopLoss 1724.5 Profit-Close 1695?
15/05
Unclear on what the chart will look like today without doing a followup TA on the 14/05 to get an idea on how the trend is feeling, assuming my TA plays out it should be on it's way into the YELLOW triangle
or perhaps already in the YELLOW triangle and finding it's way to the RED triangle, the weekly support pivot is 1670 so it should give some comfort on overall range. here's my thoughts anyway
Trends Up: With each higher entry for SHORT already opened, move SL to entry for SHORT open order below it (e.g. 1729 SL=1724), this should assist in averaging down your losses
Trends Down: Move all your SL to least profitable short entry (1720) then if your below the middle of the YELLOW triangle then move static SL for all shorts to 1713
16/05
Lets see what happens, if we SL ohh well it closed in profit. If it stays open either set the reminder for yourself to close your orders before market close or TP hits.
Sorry for the text explanation, its kinda whats gone through my head with what you see on the chart. Lets see what happens
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