As we all know that gold is undergoing correction and we have no idea when exactly the break out can happen, I am looking to take LONG positions on $GOLD and/or $SILVER as this is the time where the USD would have its value diluted/weakened due to large amount of QE.
During such correction/consolidation phase, it would of course make sense to do range trading within support and resistance.
However, it is noticed that there are too many bull traps since 12-22 August, in particular those who are trading on bigger lot sizes with high leverage would've significant amount of money. I'm pretty certain I'm not the only trader on this.
Therefore during this season, I would much rather seek an extremely safe entry within $1905 - $1915, than to take too big of a risk at the weak support around $1925, which has been broken quite frequently in the last 10 days only rebound back shortly after.
As far as TP is concerned, I would also prefer to stay safe in trades and exit as I see BUY signals weakening on the minute chart. And this would probably not be the time to double/triple my account money, so I would much rather do scalping in equities if I do not see super safe entries in $GOLD and $SILVER.
Happy trading everyone!
During such correction/consolidation phase, it would of course make sense to do range trading within support and resistance.
However, it is noticed that there are too many bull traps since 12-22 August, in particular those who are trading on bigger lot sizes with high leverage would've significant amount of money. I'm pretty certain I'm not the only trader on this.
Therefore during this season, I would much rather seek an extremely safe entry within $1905 - $1915, than to take too big of a risk at the weak support around $1925, which has been broken quite frequently in the last 10 days only rebound back shortly after.
As far as TP is concerned, I would also prefer to stay safe in trades and exit as I see BUY signals weakening on the minute chart. And this would probably not be the time to double/triple my account money, so I would much rather do scalping in equities if I do not see super safe entries in $GOLD and $SILVER.
Happy trading everyone!