4 hours timeframe of gold
1.On the market structure of gold, there was reacted bearish pennant and the market was formed market downward from the top of 1600.00 to the bottom of 1460.00. After that, the market was pullback by the long body candlestick and the long wick candle from the bottom of 1450.00 to the top of 1520. While the strong buy candles were finished to react, the market was resisted at 1520 and to form market downward, which made of decline at 1491.00.
2.The second market upward was reacted by the long body candle and long wick candle at 1491.00 and breakout the resistance region at 1520.00. After that, the market was resisted by resistance region and resistance trend line at 1540.00 and be declined at the lowest currency points at 1461.00.
3.Although I didn't entry the trade on gold, but I'm made a mistake on my wrong trading strategy. I was lately realized that the spike candle were consolidated at lowest currency points of 1491.00, which made of the market pullback at 1482.960 and breakout the resistance trend line and the resistance region at 1500.00.
4.On this trading lesson, I've learnt that the importance of waiting for confirmation entry price level and be apply the right trading strategy with the reaction of candlestick patterns. The spike candle at consolidation stage can help you for understanding how the market structure is overall performance of going market upward or downward at the specific periods.
1.On the market structure of gold, there was reacted bearish pennant and the market was formed market downward from the top of 1600.00 to the bottom of 1460.00. After that, the market was pullback by the long body candlestick and the long wick candle from the bottom of 1450.00 to the top of 1520. While the strong buy candles were finished to react, the market was resisted at 1520 and to form market downward, which made of decline at 1491.00.
2.The second market upward was reacted by the long body candle and long wick candle at 1491.00 and breakout the resistance region at 1520.00. After that, the market was resisted by resistance region and resistance trend line at 1540.00 and be declined at the lowest currency points at 1461.00.
3.Although I didn't entry the trade on gold, but I'm made a mistake on my wrong trading strategy. I was lately realized that the spike candle were consolidated at lowest currency points of 1491.00, which made of the market pullback at 1482.960 and breakout the resistance trend line and the resistance region at 1500.00.
4.On this trading lesson, I've learnt that the importance of waiting for confirmation entry price level and be apply the right trading strategy with the reaction of candlestick patterns. The spike candle at consolidation stage can help you for understanding how the market structure is overall performance of going market upward or downward at the specific periods.