Have multiple confirmations for the swing sell to the downside:
If you zoom out, you will see a giant teacup formation on the daily, confirming that the handle is beginning to be made.
If price decides to temporarily bounce up, looking for second rejection of 1344.47 creating a double top for the bearish trend to begin.
For now, my short term TPs for the sell are the following:
1316.65
1304.00
1298.86
1282.70
My swing trade TPs for the sell are the following:
1236.78 (my handle for the teacup formation)
1298.86 (this is a weekly SR, so waiting to see will it break through it to make it to last TPs)
1216.31
1180.93
1165.77
If you zoom out, you will see a giant teacup formation on the daily, confirming that the handle is beginning to be made.
If price decides to temporarily bounce up, looking for second rejection of 1344.47 creating a double top for the bearish trend to begin.
For now, my short term TPs for the sell are the following:
1316.65
1304.00
1298.86
1282.70
My swing trade TPs for the sell are the following:
1236.78 (my handle for the teacup formation)
1298.86 (this is a weekly SR, so waiting to see will it break through it to make it to last TPs)
1216.31
1180.93
1165.77
Comment:
Gold is a swing trader's playground. Look at it on the daily and you will see that when gold makes up its mind where it wants to go, it's going in that one direction for several days. If you have good patience, you can take alot of pips home with it, high volatility or not.
Comment:
Gold did a perfect retest of a bearish engulfing candle and sits on daily SR level at 1326.14
It is consolidating for the time being. To see it consolidating on a 4hour chart means a strong breakout coming, but which direction? And will it be tonight or during news Tuesday morning in New York session? Waiting this trade out.
It is consolidating for the time being. To see it consolidating on a 4hour chart means a strong breakout coming, but which direction? And will it be tonight or during news Tuesday morning in New York session? Waiting this trade out.
Trade closed manually:
2 of my shorter term SELL TPs were hit and I am currently waiting for a retracement before it continues down further for the sell.
Comment:
Currently on 2nd set of BEAR TPs. First four have all hit. Now waiting to see how many of the last ones will be hit!! Like I said, Gold is a swing trader's playground