Analyzing Gold before NYSE open.
Price was rejecting 1765.00, giving an indication that the bears were going to be pushing price down. 1765.00 was rejected 5 times that would have been enough probable cause to look for shorts on XU.
Bearish shooting star on the 5 min TF confirmed my bias for shorting XU also a Three Inside Down candlestick pattern (5MIN TF) indicating the current trend had lost momentum and that a movement in the other direction could begin.
I missed the beautiful entry, everything lined up and confluences hitting.
Expecting price to continue in bearish direction I waited for my opportunity to get in on the next possible entry. Price started consolidating for about an hour 8:30am-9:25am. Scaling down on 1 minute TF there was a bearish engulfing candlestick pattern that was enough indication for me that price indeed was dumping entering at 1758.95 and exiting at 1753.95
Happy Trading !
Price was rejecting 1765.00, giving an indication that the bears were going to be pushing price down. 1765.00 was rejected 5 times that would have been enough probable cause to look for shorts on XU.
Bearish shooting star on the 5 min TF confirmed my bias for shorting XU also a Three Inside Down candlestick pattern (5MIN TF) indicating the current trend had lost momentum and that a movement in the other direction could begin.
I missed the beautiful entry, everything lined up and confluences hitting.
Expecting price to continue in bearish direction I waited for my opportunity to get in on the next possible entry. Price started consolidating for about an hour 8:30am-9:25am. Scaling down on 1 minute TF there was a bearish engulfing candlestick pattern that was enough indication for me that price indeed was dumping entering at 1758.95 and exiting at 1753.95
Happy Trading !