Hi Traders,
What a week for the Gold traders was. Let us look how it went.
Monday
We open at1925. Sideways during the asian session open. Tested the supply area near to the London session. Created a support area at 1920. Tested again the supply area before start making the first BOS downwards of the week. Sideways till close.
Tuesday
Open at 1915. Had a supply area in that range. Price continue to drop slowly breaking a previous week key level support 1913. Reacted at 1909, testing the supply during London Open. From the Supply, It made a break of Structure to the downside. Closing at the 1899 range.
Wednesday
Open sideways. Ranging between 1899 and 1904. 1904 is a SBR area. (Support Become Resistance). Sellers continues to break more key levels and structures. Price closes at 1872 area. What a move.
Thursday
Sideways all the way till we are near the US Session open. Created a supply zone. Sellers continue to control. It went down close 220 pips in a single market session. Closing the day at the 1867 area.
Friday
Buyers attempted to take control. First Demand area appear for the week. Bullish movement starts before London session. Retested the 1879 supply area which is also a SBR key level area. Before killing all buyers making a 300 pips drop. Only to close the week at 1846.
This is a clear picture for us to learn. The Trend was really your true friend if you had respected it.
Thank you. Like and Follow me. Have a good weekend.
What a week for the Gold traders was. Let us look how it went.
Monday
We open at1925. Sideways during the asian session open. Tested the supply area near to the London session. Created a support area at 1920. Tested again the supply area before start making the first BOS downwards of the week. Sideways till close.
Tuesday
Open at 1915. Had a supply area in that range. Price continue to drop slowly breaking a previous week key level support 1913. Reacted at 1909, testing the supply during London Open. From the Supply, It made a break of Structure to the downside. Closing at the 1899 range.
Wednesday
Open sideways. Ranging between 1899 and 1904. 1904 is a SBR area. (Support Become Resistance). Sellers continues to break more key levels and structures. Price closes at 1872 area. What a move.
Thursday
Sideways all the way till we are near the US Session open. Created a supply zone. Sellers continue to control. It went down close 220 pips in a single market session. Closing the day at the 1867 area.
Friday
Buyers attempted to take control. First Demand area appear for the week. Bullish movement starts before London session. Retested the 1879 supply area which is also a SBR key level area. Before killing all buyers making a 300 pips drop. Only to close the week at 1846.
This is a clear picture for us to learn. The Trend was really your true friend if you had respected it.
Thank you. Like and Follow me. Have a good weekend.