LonelyCoconutTrading

XAUUSD Scalp Short | 30M

Short
OANDA:XAUUSD   Gold Spot / U.S. Dollar
Reasons for entry:

1. XAUUSD has been consolidating the past week awaiting news for the US stimulus package.

On the 30M chart, a fractal has formed at around the same area where XAUUSD has consolidated down two previous times.

2. RSI and Stochastic (30M) both showing signs of over-boughtness (couldn't think of the right term.) further indicating that Gold could head back down towards the 0.5 daily fib level again.

We'll see how it goes.
Trade closed: stop reached: Lessons Learnt:

1. Try only using signals from RSI and Stochastic from the 4H timeframe and above.

2. Wait for reasonable 4H (potentially 1H) close above recent support/resistance.

3. Ideally don't trade with big news announcements because too much volatility and the technical analysis starts to lose the probable edge.

Comments

Thanks for all the likes guys. I released my first trading strategy instructional video on YouTube if you're interested (Getting good feedback so far :)!

https://www.youtube.com/watch?v=ZImUJoq3i1s
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