Casey_Yeo
Short

XAUUSD - Will market respect structure again?

FX:XAUUSD   Gold / U.S. Dollar
245 5 1
Market has previously respected resistance zone around 1313             and sold off. Now it is coming back up to another resistance zone around 1305             . Will this zone be respected? It seems highly likely.
fail
+2 Reply
Casey_Yeo RougeFX
there may still be a false break there.
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If long, you are trading on the bullish echo of the last move. Respect stops if long. This way you don't get caught in a sentiment change such as unexpected fed inflation precaution signals.
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iggi8899 iggi8899
Here is a pullback scenario;
snapshot
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iggi8899 iggi8899
lastly, if you are going to daytrade, just flip a coin. :) the velocity of the last move means that a days variation has no meaning. :)
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