Gold has bounced off from the demand zone, expecting price to go up to the 2040 zone before newyork sells it. Our tight stops are below 2017. Use proper risk management.
Looking for gold buys or sells depending on where the FIVE MINUTE candle closes respective of the levels marked in the chart
Gold has seen a strong push to the upside and I don't believe it's completely exhausted yet. However, that does not mean price action won't play out on smaller timeframes.
Hello everyone, looking at the daily timeframe we can see gold has picked up volatility below 1890 with a strong rejection back into the 1900's
Should we see price hold and not reject key levels of resistance, expectation will be for gold to return to the range we have previous seen gold stuck within, with a push to 2000 creating a top wick for the monthly candle...
Another day another patient play that pays.
We waited for price action to tell us what we wanted to see and when it did, we listened and executed a trade accordingly.
A great day, an all it takes is one trade a day.
Looking at the 4h timeframe there is a bullcase for buys at this level.
1. we are at a key level of support
2. the smaller bearish channel has seen us bounce from the lower band of the channel which aligns with the support level
3. the larger bearish channel is yet to see a test of the upper band, which should we break up through the smaller channel, retest, we...
With gold selling off it's always worth taking a look at DXY. DXY is good for a reference on possible signs of strength/weakness so we can plan ahead with gold.
So taking that into account, it's clear there is enough strength in DXY for the 103.66 level which I had mentioned on July the 24th (Linked idea) after creating support in the 90's
Looking at the 15m and 5m gold timeframe we can see potential scalps going both ways here.
Looking to scalp gold on the 5m timeframe, sells are looking a lot more probable for me but I wouldn't shy away from buys if we can see a break of the 1917.653 level, followed by a liquidity grab towards 1915.874.
Curently looking at buys on the 1h timeframe for a scalp, and then further buys should we see gold close above 1920 on the 1h time frame with anticipation of the 4h candle flipping after a bottom wick forming.
4h candle has closed bullish above a key level of support turned resistance, now on the lower timeframes we can look for entries based on price action for liquidity to sweep recent lows and move up above 1932+
Similar to yesterdays trade, we're looking to take another trade testing out this strategy I am working on.
If gold 1h candle can close above the purple line 1921.738 then I will have a buy limit set at 1920.259
It is a very circumstantial trade, but that is why I am currently live testing it and keeping journal of them in the form of these posts so that...
Price reacted from our level and we are currently 10 pips in profit so we can move stops to break even and take partial profits here.
As mentioned earlier, this was a sample trade as I live test a new strategy I'm currently looking at.
Looking at previous price action, buy limits are set at very key areas of rejection
By anticipating price to come and tap these levels we are aiming for very quick 10 pip scalps.
Break out of the range to the downside, grab liquidity and ride it back up. Tight risk management is key!
This is not a trade I am taking on my personal account, only for live-testing...
Just entered some Gold Buys
Reason for buys :
Highly oversold
Divergence
Support formed at 1944
(Detailed Analysis to be added.)
Entry Point 1944.28
Stop loss: 1939.99 (50 pips)
Take Profit 1 & Stops to entry Point: 1949 (50 pips) 1:1 RR
Take Profit 2: 1954 (100 pips) 1:2 RR
Looking for price to sell down into the 5/15/30m B FVG (fair value gap) and then buy back up to a minimum of Friday's High (2022.60). Will have to see what price does at market open tomorrow
Looking for buys on the close of this current 5m or 15m candle so long as it doesn't go up by 20 pips or more.
Stops will be structural low, adjust position size accordingly
