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Gold has been bullish for a very long time, that is awesome.
But now I believe there is a potential short in the market, then maybe a continuation uptrend for the next week.
Not so long ago we made a trade that broke out from the consolidation. (Back testing GOLD )
&
That flew off the roof literally. (Should of made the trade, but thats okay :))
WHY DO I THINK WE WILL SHORT:
- We have been bullish for a while and I would like to see some structure on the daily time frame.
- If it doesn't go our way immediately, I want to see at least some consolidation.
- SPX has been bullish as a trend, If you zoom into the 4 HR TF and draw a trend line , it has a potential of moving up. ( If SPX goes up potentially NAS & US30 too, making GOLD go down)
-We must see struggle of the market before we enter. Not every trade will go your way, I learned that the hard way.
But now I believe there is a potential short in the market, then maybe a continuation uptrend for the next week.
Not so long ago we made a trade that broke out from the consolidation. (Back testing GOLD )
&
That flew off the roof literally. (Should of made the trade, but thats okay :))
WHY DO I THINK WE WILL SHORT:
- We have been bullish for a while and I would like to see some structure on the daily time frame.
- If it doesn't go our way immediately, I want to see at least some consolidation.
- SPX has been bullish as a trend, If you zoom into the 4 HR TF and draw a trend line , it has a potential of moving up. ( If SPX goes up potentially NAS & US30 too, making GOLD go down)
-We must see struggle of the market before we enter. Not every trade will go your way, I learned that the hard way.
Trade closed manually:
rip trade
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