Nice setup to try (if gold go up) a short @1286$
in blue + in red.
in blue + in red.
well...1290 is definitely major RSST. i'd watch for some trend exhaustion at that level (if we even get there tomorrow) in the form of 'spikes' or long wicks going up but candles unable to close above the RSST level and if my osc is OB and turning with a down signal, i'd short immediately.
sorry had no time to get back in here. to be honest, i've no clue where gold is going. i can only trade it from M1/3/5 charts. sure i do top down analysis from monthly all the way to H1 to get an idea of where the important SPPT/RSST levels and structures are. but after that, whether it's going to go up or down within a specific range, no idea. so my strategy is to define a range that is reasonable for whatever session i happen to be trading, and within that range look for signals to go long or short and grab what i define as a 'reasonable' amount of pips within as short a time period as possible. this is for non-news event trading. given that my time horizon is so short--the reason it is, is because since gold can turn on a dime/spike 50 points against your position for no apparent reason, by minimizing the amount of time i stay in the market, i also minimize my risk exposure to some adverse move--i have to be careful how i use leverage to reach my profit goal for that day. so to summarize: i set the day's profit as a goal, figure out if there is a range that can be played within well defined RSST/SPPT boundaries, and then go and grab myself 50% of that range both ways (up/down) if possible, if not, 1-way, making sure this craziness doesn't last more than 30 mins. if i can't find such conditions, then i don't trade gold and try to do the same but on some of the more volatile ccy pairs.