High Trader,
In the current Gold situation, price action is telling me with the three consecutive weekly rejection and closure below the previous support and resistance that gold is not ready to buy on the weekly. Make it simple and wait for a bodily close above the yellow zone then go to lower time frame and do the same thing. However, whilst you are waiting on the weekly, you can go to lower time frame if you are not a swing trader to see what price is doing on the daily and then go down to 4HR time frame to see if there are correlation and then 15 mins for entry. That's how to be a simple price action trader and get more win rate.
The summary for me here is, until I see a bodily close above the yellow zone in my chart,I will not attempt a gold buy swing to 1875-1879 zone.
Regards
In the current Gold situation, price action is telling me with the three consecutive weekly rejection and closure below the previous support and resistance that gold is not ready to buy on the weekly. Make it simple and wait for a bodily close above the yellow zone then go to lower time frame and do the same thing. However, whilst you are waiting on the weekly, you can go to lower time frame if you are not a swing trader to see what price is doing on the daily and then go down to 4HR time frame to see if there are correlation and then 15 mins for entry. That's how to be a simple price action trader and get more win rate.
The summary for me here is, until I see a bodily close above the yellow zone in my chart,I will not attempt a gold buy swing to 1875-1879 zone.
Regards
Note
The break of 1825 already happened. We may see 1875 -1879 zone before a major fall for as long as Gold continues to trade above 1800. I will buy Gold if and only if I see a retest of 1807 -1825 zone.We now need to break 1860 to confirm 1875-1879 zone which I feel would happen during the news.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.