my previous long gold trade did not work out- and think back on it and with hindsite I think I didn't see a few things. Happy to get out of it breakeven. We all do this (mistakes), but I like to display my mistakes for all the whole world to see so that we all can learn. see link below. My mane mistake was that yes price then was on support, but it was not proven good support, and gold then was still very strong in consolidating mode.
Now gold is in consolidating area again still, but now I feel a directional bias of short.
evidence for short selliing:
1. stong bear candles then recent most candle weak bull candle bouncing off 236 fib (not shown). Not to me a stong reverse sign.
2. low volume for this weak bull candle. High volume for the strong bear candles before this weak bull candle. And the bear volume is more than bear candles even before these ones seen on chart by very much more.
3. RSI is support at 50 line seen at first 2 red up and down lines. Then resistance at up down line number 3. Then it looks like a false breakout over 50 line. but then falls below this again 50 line. Now for the number 4 test it is coming up to 50. After a false breakout (after number 3 up down line) this is many times a resistance that will hold for further down move.
Right now you see my risk too reward ratio is not great. but this is too quickly change when again futures open so this isnt my true risk. After futures open I will adjust this that depends on price action on open.
That is all for now.
I love thumbs up and for support. Thank you all! 💕
Ms. Bunny
Now gold is in consolidating area again still, but now I feel a directional bias of short.
evidence for short selliing:
1. stong bear candles then recent most candle weak bull candle bouncing off 236 fib (not shown). Not to me a stong reverse sign.
2. low volume for this weak bull candle. High volume for the strong bear candles before this weak bull candle. And the bear volume is more than bear candles even before these ones seen on chart by very much more.
3. RSI is support at 50 line seen at first 2 red up and down lines. Then resistance at up down line number 3. Then it looks like a false breakout over 50 line. but then falls below this again 50 line. Now for the number 4 test it is coming up to 50. After a false breakout (after number 3 up down line) this is many times a resistance that will hold for further down move.
Right now you see my risk too reward ratio is not great. but this is too quickly change when again futures open so this isnt my true risk. After futures open I will adjust this that depends on price action on open.
That is all for now.
I love thumbs up and for support. Thank you all! 💕
Ms. Bunny
Comment:
I going to be stopped out very soon. So I will be here exciting. Very nice win here!
