Based on :
1. Nearest swing high and low fibonacci 1.618 retracement area -> 2420 area will be a obstacle for gold to move further.
2. Divergence sign based on rising price and lower awesome osciliator on 4H, means price reversal will likely happen soon.
3. Looking up 1D,4H,15m the bullish candle is still very solid
On The upside:
1. On 15m, price action likely continoue its run up to 2420 and thats leave us to trade long
2. Scalp 40-50 pips and get away with it (RR 1:2)
On The downside:
1. Carefully assess gold price once it reach 2420 area, the divergence shown that gold will likely make a short term reversal,
2. You can Open Speculative trade directly or 2420 or better wait confirmation souch as dominance bearish candle (3 bearish candle engulfing 1 bullish candle) / 4H Bearish engulfing to open short trade. The goals is to capitalize swing low correction, price is likely to retest recent breakout area (2363 area).
3. Stronger trade would be if there is sign of Change of character followed by Break of structure , and price retest latest High -> Short
1. Nearest swing high and low fibonacci 1.618 retracement area -> 2420 area will be a obstacle for gold to move further.
2. Divergence sign based on rising price and lower awesome osciliator on 4H, means price reversal will likely happen soon.
3. Looking up 1D,4H,15m the bullish candle is still very solid
On The upside:
1. On 15m, price action likely continoue its run up to 2420 and thats leave us to trade long
2. Scalp 40-50 pips and get away with it (RR 1:2)
On The downside:
1. Carefully assess gold price once it reach 2420 area, the divergence shown that gold will likely make a short term reversal,
2. You can Open Speculative trade directly or 2420 or better wait confirmation souch as dominance bearish candle (3 bearish candle engulfing 1 bullish candle) / 4H Bearish engulfing to open short trade. The goals is to capitalize swing low correction, price is likely to retest recent breakout area (2363 area).
3. Stronger trade would be if there is sign of Change of character followed by Break of structure , and price retest latest High -> Short
Comment:
Becareful not to instant sell since the bull is still very solid. Wait for confirmation for entry !
Comment:
The short area in B has been reach. Congrats to those whom take the short as well
I will update next week as for we need to see some price action in B area before deciding next trading plan
I will update next week as for we need to see some price action in B area before deciding next trading plan
Trade closed: target reached
Strong Reaction on Fibonacci Area,
Check 15M - 4H Change of Character for short opportunity, higher timeframe= validity