from my preceding gold idea , i stated having long bias on the precious metal at daily demand valley @ 1927.180 , price went to the upside 160pips in my favor before finding resistance at daily supply peak @ 1944.625 that drove price to the downside unfortunately taking me out.
the drop continued from early New-York session . throughout the Asian session breaking bullish trendline with price eventually finding support early hours of the London session at weekly demand CP @ 1897.295 which is currently in control as price is showing signs increasing short term bullish momentum.
i see this as a retracement for gold prices to later make a steady decline.
the break of the bullish trendline indicates a shift in current momentum , i am looking for shorts at the 1hr supply zone @ 1934.957 which is the zone that caused the break of the trendline , but my ideal entry price is a nested inside the zone at the bottom price of the liquidity pool @ 1934.774 and is also the price for 61.8% Fibonacci retracement level.
possible targets at weekly demand CP and stops 75 pips above entry price giving a 1:5 risk ,reward.
repetition makes mastery
the drop continued from early New-York session . throughout the Asian session breaking bullish trendline with price eventually finding support early hours of the London session at weekly demand CP @ 1897.295 which is currently in control as price is showing signs increasing short term bullish momentum.
i see this as a retracement for gold prices to later make a steady decline.
the break of the bullish trendline indicates a shift in current momentum , i am looking for shorts at the 1hr supply zone @ 1934.957 which is the zone that caused the break of the trendline , but my ideal entry price is a nested inside the zone at the bottom price of the liquidity pool @ 1934.774 and is also the price for 61.8% Fibonacci retracement level.
possible targets at weekly demand CP and stops 75 pips above entry price giving a 1:5 risk ,reward.
repetition makes mastery