GOLD is overall bearish, trading below our red channel but since it is approaching a strong support zone in green we will be looking for buy setups.
Before we buy, we want the buyers to prove that they are taking over again. You don't want to buy a bearish market right?
Our upper red trendline is not valid yet, so we are waiting for a new swing high to form around it to consider it our trigger swing. (projection in purple)
Trigger => Waiting for that swing to form and then buy after a momentum candle close above it (gray zone)
Meanwhile, until the buy is activated, GOLD would be overall bearish and can still dive inside the green support before going up.
And of course, as price approaches the upper blue trendline, we will be looking for sell setups.
Always follow your trading plan regarding entry, risk management, and trade management.
Good luck!
All Strategies Are Good; If Managed Properly!
~Rich
Before we buy, we want the buyers to prove that they are taking over again. You don't want to buy a bearish market right?
Our upper red trendline is not valid yet, so we are waiting for a new swing high to form around it to consider it our trigger swing. (projection in purple)
Trigger => Waiting for that swing to form and then buy after a momentum candle close above it (gray zone)
Meanwhile, until the buy is activated, GOLD would be overall bearish and can still dive inside the green support before going up.
And of course, as price approaches the upper blue trendline, we will be looking for sell setups.
Always follow your trading plan regarding entry, risk management, and trade management.
Good luck!
All Strategies Are Good; If Managed Properly!
~Rich
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