Gold is another pair I’ve been following for a few years now. I’ve been profitable so far this year with only BEARISH intentions. Earlier this year, from February to April; price on the weekly timeframe gave us a double top. The first top consisted of a shooting star and the other top gave us a Bearish Engulfing. The pair fell, gave us a weekly Doji and an EMA crossover confirmation and since then its been Mayday for the pair. My fundamental analysis is that Gold is clearly not a safe haven with this war in progress and rising covid cases so my bias remains bearish on this pair. What I’ve been anticipating is now in progress as the pair is pulling back for the first time since April and I have my Fib Drawn on the Daily. I’m playing the long game, I’m looking for DAILY candlestick rejections of the weekly resistance level I have drawn on my chart. I’m also looking for DAILY candlestick rejections of the .78 extension since they’re so close together. If My bias is correct, we could see 1752 prices in hopefully a few short days because of how aggressive gold is. 1752 lines up perfectly with my -27 extension and it is also my Weekly Support area. If you like my trading style but feel like the risk management is exotic, i usually scale in to the 4 hr and 2hr Candlesticks to help me find a more sniper like entry.
Any WEEKLY candlesticks that CLOSE ABOVE my weekly Resistance Area will automatically cause me to close any sales i have active if and only if my confluences are met and still breaks. Structure would have been broken in my opinion.
I’m inclined to an aggressive entry on this pair. Gold is very aggressive and disrespectful to all support and resistance when it can so I will only sell on the confluences i stated above.
Any WEEKLY candlesticks that CLOSE ABOVE my weekly Resistance Area will automatically cause me to close any sales i have active if and only if my confluences are met and still breaks. Structure would have been broken in my opinion.
I’m inclined to an aggressive entry on this pair. Gold is very aggressive and disrespectful to all support and resistance when it can so I will only sell on the confluences i stated above.
Comment:
Keep in mind this trade will most definitely take several days, patience is going to be key, I’ve lost my fair share of funds to this pair due to bad entry precision and super Wicks. If its one thing i know for sure is that my entries usually come after the devastation wick.