Gold is at a very good balanced state just before the FOMC... Looks like traders have been waiting for some indication from the FED announcements. Absolutely uncertain situation and looks like high volatility scenario post FOMC. Have opened both sell and buy trades in equal amounts at 1500...
If the price rises beyond the rectangle marked... will watch price action on 5 min chart and 15 min chart and close buy if it looks like consolidation is happening...
If the price falls below the rectangle marked ... will watch price action on 5 min chart and 15 min chart and close sell if it looks like consolidation is happening...
This is because anything above 1560 is feeling like an overbought position and anything below 1450 feels like an oversold condition.
Its a feeling and not an analysis... so this trade is a gamble... will update on how it went tomorrow...
No currency trades today... Do let me know if you agree with this or if you think this was a losing proposition... We will anyway know about it tomorrow... Thanx and Cheers...
PS: Will analyse the impulse moves on currency pairs post FOMC tomorrow...
If the price rises beyond the rectangle marked... will watch price action on 5 min chart and 15 min chart and close buy if it looks like consolidation is happening...
If the price falls below the rectangle marked ... will watch price action on 5 min chart and 15 min chart and close sell if it looks like consolidation is happening...
This is because anything above 1560 is feeling like an overbought position and anything below 1450 feels like an oversold condition.
Its a feeling and not an analysis... so this trade is a gamble... will update on how it went tomorrow...
No currency trades today... Do let me know if you agree with this or if you think this was a losing proposition... We will anyway know about it tomorrow... Thanx and Cheers...
PS: Will analyse the impulse moves on currency pairs post FOMC tomorrow...
Comment:
closed selll positions at 1485
Comment:
The Gamble paid off... XAUUSD took a dip yesterday from 1508 to 1485... I had both long and short positions at 1500. Immediately after the FOMC the price aggressively fell to 1483 which was below the rectangle and started turning...
From past one month's price action, I was sure buyers would aggressively enter at these levels. So closed the short positions and opened long at 1485...
Closed yesterdays long positions now at 1499 at cost.
The longs from 1485 are still open and I am sure it will hit 1540 - 1560... So already made twice the price action yesterday and am in a very good position with long now...
From past one month's price action, I was sure buyers would aggressively enter at these levels. So closed the short positions and opened long at 1485...
Closed yesterdays long positions now at 1499 at cost.
The longs from 1485 are still open and I am sure it will hit 1540 - 1560... So already made twice the price action yesterday and am in a very good position with long now...