FRIDAY 11-08-23, INTRADAY H1 TIME FRAME SETUP. We have seen the impact of news and the role of Gold. The spikes at news time and the adverse movement of Gold not respecting the fundamental. This is Gold. We call it Gold is Gold. Ok now, price is once again at 0% level and the retracement is due, provided effect comes later, we may see a bounce back to 23.6% 1916 and 38.20% 1919. The game is same as trend is still down, we should wait for the price and sma44 to meet in between the above mentioned range to pick a sell. A death cross is H4 is also visible and is on the go. You must have been noticing that I don’t pick buy from lower level and rather wait price to climb and reach the resistance to pick a sell. There are two reasons, One is my SOP, to look for sell in down trend and secondly in down trend price can make a U turn at any time leaving your buy entry hit the Stop Loss. Today this might happen at 1913-14 area that it might make a U turn from it and travels deep down towards 1903 main support area. Well in that case I will try a buy around 1898-1903 area to test the strength of a MACRO support.
Comment:
Picked Sell 1916 and 1919