Plotted on the chart are our SCMR Trends™, which accurately identify price trends and behaviors , and SCMR Dynamic Levels™, which dynamically plot support / resistance zones. Both are available in the TradingView App store.
Today is significant because after a lengthy decline in the price of gold , we see an "O" plotted under the today's bar, which shows a "Confirmed Upside Reversal". In breaking down the nuance of this, it's not saying price is in an uptrend yet (though it can certainly end up as one, indicated by green candles) but that the relationships between this bar and previous bars suggests that a reversal has occurred.
---> That makes this bar a good entry with a stop under the current bar low or last blue bar low.
I use the Dynamic Levels™ as targets and they are shown as well, 116 - 120 is a good first upside area for this rebound.
1.) Possibly that this reversal fails. In that case the software will update with an X, but for all intents, can just use the stop under range low to suggest the reversal is not happening.
It covers all the bases in that -- either move up sharply, hit all my targets, or price consolidates, gets stopped out at at least breakeven, but at least it can form another long (or short) entry from that consolidation. So optimistically, can win in either scenario at this point