Dtrace93

A learning curve. Please don't use this idea to go long.

OANDA:XAUUSD   Gold Spot / U.S. Dollar
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4
Practicing with trend lines , support/resistance . Learning as I go along. If you have any advice on the strategy please comment. Feedback would be great.

Comments

Well done! My best advice would be to remember that Support & Resistance levels are not exact values.
What has worked very well for me was drawing a rectangle around your line indicating a SR Area now instead of a line.
+2 Reply
Dtrace93 AbInvestments
@AbInvestments, Thanks for the advice. Much appreciated! I will edit the chart. If I have done it incorrectly please feel free to critique. Also is there anything differently you would do with this trade. I'm not looking to go long or short just yet. I'm looking for an entry point using the support and resistance levels and looking for a reverse in the trend. Also I'm looking at the volume of each candlestick as an indicator in the size of each trade.
+1 Reply
@Dtrace93, You're welcome! If you're looking for a reverse in trend you should be keeping an hour out for dojis and smaller candlesticks signalling exhaustion towards the support areas you have marked out, also another confirmation would be looking for a bullish engulfing candle followed by Lower Highs and Higher Highs.
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any idea
+1 Reply
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