Another week of more bearish price action. All in all it was a good week for trading with no losses being taken and successful trades (all have been reviewed and broken down here) So with price closing below another key area of support, the expectation is going into the final week and a half of August price should continue down with little to no support...
Looking at the breakdown of why the trade we took earlier that was marked with a buy limit line based on closure of HTF candles so that we can use this to learn from and add to our experience. Overall a very good thursday, tomorrow is another day and we do it again.
Yesterdays buy that we were testing the method of ended up being a success. This is good, but it's only one case out of many more to come. The overall theory of the trade was price breaking out of a range where there was strong support, tapping into a level that we had tapped before with anticipation that price would move back to the top of the range where our...
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...
Looking at the 1hour timeframe the level we marked out 4h ago in the linked idea below was pretty much perfect, from here we can expect to see price retest the top of the range and if we're lucky, we may see a breakout to the upside so that we can get entries on buys.
We are currently in a tricky range, despite price looking heavily bullish on the lower timeframes I would be cautious as price is known to reject and range within this area Look for trades outside of this range and we can see a much clearer picture on where price wants to go and take trades based on that Patience pays.
Gold 4h is looking bullish. Strong support levels, price action rejecting the AOI. Buys above 1966 would be the safest way to play this type of price action if you're a swing trader, mainly because in the past when we have seen gold close above this price we continue up. Updates to follow after New York session
Looking at the weekly timeframe we can see 4 very key levels. The ones closest to us - 1966 and 1977 Why is 1966 so important? The simple answer is this is a key level the weekly candle failed to close above last week and what about 1990? a close above 1990 will almost certainly give us a shot at pushing 2010+ again and possibly looking at the all time highs....
With FOMC out of the way it's back to business (trading!) as usual. We will be looking for price to create support before being able to continue up as we go into the end of the week AND the end of the month. A close above 1980 on the monthly timeframe will be incredibly bullish as far as indications of bullish momentum goes, but that will be discussed further in...
Looking at Gold on the 1hour halfway through the current 4 hour candle, we can see price is rejecting the range we have highlighted. Should price close above 1966, if price creates a bottom wick touching the 1963 and below level, before moving back up and breaking it's own highs above 1966 we can take buys immediately based on the fact we have closed above a key...
Looking at buys at the break of this current 30m candle, previous 15m candle price action was not looking favourable for bulls however, higher time-frames will always override the lower timeframes.
looking for buys above this level, very short update as its nearly entry time but take buys on break of previous candle high.
Just noticed that I never posted this previously. So I am posting it now. Price has returned to the zone that I was looking to be able to buy from. This area is currently also the 50-61.8% FIB. So I am looking to buy gold next week depending on the direction at market open
Gold sells didn't materialise due to close of previous close of the candles, once we saw price didn't close below that level the orders were closed and we are no longer interested. I received a few messages asking what we can look for when it comes to buys, this is what I see. Obviusly on a daily timeframe we are bullish, but we are also at ATHs or approaching...
I AM BACK! Important key resistance approaching, looks very good for buys for price to continue up. Trade safe as always!
Looking at a potential long scalp this morning, small risk as usual but expect price to move up. move stops to break even at 10-13 pips profit as always.
Looking at this potential set-up in the coming hours, price looks like it may retest the recent lows before creating a new high. ADP and NFP means volatility all week so small positions as always!
Good Morning, to keep it short and sweet, we are looking for buys on the break of the previous candle high. I am taking a buy here in this scenario due to London open, HOWEVER, London Open is always a volatile and sometimes nonsensical time in terms of how the market will react. We need to play this carefully so don't risk too much. IT IS A FRIDAY! TAKE IT EASY...