WAITING FOR POSSIBLE BUY CONFIRMATION
Dear Traders,
I got into a sell trade at 1900 before the daily close yesterday but wasn't too convinced as I realized I did not take cognizance of the Relative Equal Lows (REL) around the same zone in 4HR so I closed my trades in Tiny Profits and went to sleep so I can come back to my chart in the morning and this is what I see.
I can see a possible retracement to around the 1919 - 1921 zone and with a bodily close above 1921, we may be heading to that resistance around the 1947 - 1953 area and gold may just sell massively from there.
However, for now, I am waiting to see a convincing close above 1905 as my confirmation for the bullish retracement, then would come lower to look for buy entry using any institutional reference points such as a Fair Value Gap (FVG) or Bullish Order Block that I may use to by to the next resistance. My first Target will then be 1933, then 1947 after I will wait again for price action that may confirm possible reversal if I see Gold touch 1953.
Trade carefully and apply proper risk management to your trade.
Remember to wait for confirmation and never be in haste.
I got into a sell trade at 1900 before the daily close yesterday but wasn't too convinced as I realized I did not take cognizance of the Relative Equal Lows (REL) around the same zone in 4HR so I closed my trades in Tiny Profits and went to sleep so I can come back to my chart in the morning and this is what I see.
I can see a possible retracement to around the 1919 - 1921 zone and with a bodily close above 1921, we may be heading to that resistance around the 1947 - 1953 area and gold may just sell massively from there.
However, for now, I am waiting to see a convincing close above 1905 as my confirmation for the bullish retracement, then would come lower to look for buy entry using any institutional reference points such as a Fair Value Gap (FVG) or Bullish Order Block that I may use to by to the next resistance. My first Target will then be 1933, then 1947 after I will wait again for price action that may confirm possible reversal if I see Gold touch 1953.
Trade carefully and apply proper risk management to your trade.
Remember to wait for confirmation and never be in haste.
Comment:
Apologies.... Support Zone at 1884 - 1889
FINSPOT ACADEMY