goldenBear88

My set of Sells intact

Short
TVC:GOLD   CFDs on Gold (US$ / OZ)
Gold tested #1,749.80 zone as I moved my Stop-loss to #1,749.80 first, then later on/late session zone, moved it on my final projected zone #1,762.80 (furthest extension in my book), where I will be contemplating new set of Sells with #1,740.80 first Target (of course, if I spot that consolidation is over, will add them even lower than #1,762.80), with Hourly 4 chart's #MA50 priced at #1,715.80 - as my Target (when Trading with MA's, especially #MA50, always add #5$ below it (#1,720's is the true value, but my Target is #1,715.80) - since #MA50 test doesen't mean that MA is broken, and additional #5$ most of the times, confirms the outlook). I didn't add any more positions as Gold is slowly approaching the end of natural consolidation within #1,742.80 - #1,862.80 belt after #36$ steep fall lately. According to Technicals, I knew that consolidation is needed so my total Volume is #0.30 on my Sells and I am planning to add #0.80 on the second set. Also, on such Volatile days (as current session will surely be), don't maximize your account, always set smaller Volumes on your orders and add Strict risk management policy - move SL accordingly (exactly what I am doing at the moment), if the session is Volatile and always trust your Positions. Small volumes are the key since I don't want to endanger my Monthly Profits and can move my SL comfortably since the losses (which will turn to gains shortly) are not that high. Gold is Trading sideways at the moment for two reasons: Historically, last #2 sessions (yesterday and today) had the biggest Volatility percentage throughout May (indicating that Traders should be cautious), and Fundamentally (and most importantly) due to the speculation on Stock markets over this week's macro-economic report announcements. At the moment, Scalpers should be getting their return within the Bollinger Bands, as Medium/Long-term Traders (such as myself), are having no other option than to hold their Positions. I do however expect the Price-action to add the Selling pressure on the Hourly 4 chart (due to reaching it's Lower High), and start losing with every Daily candle, calling for #1,715.80 test. The remaining correlations are normal (Usd-Jpy # -0.03%, Stock markets # +1.05%). Gold is Trading within my projected values.

- My official and only Telegram Channel: t.me/goldenBear88
- Few other un-official channels are not mine, they are copies using my real information (impersonating me and my work / identity) so keep that in mind and beware of those.
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.