Remember my criteria: Safe trade - Only place an order at the price that has such a high winning probability that you are willing to trade with your precious money. If the market does not enter these price ranges, stand outside to save the money. Keep it and wait for the right time.
My account has no orders now. I shared 2 SELL positions last week: (1) 182x - 183x and (2) completely collapsed at the 1760. But in the end, I didn’t place orders.
Honestly, I waited for SELL at 183x and did not expect the price to fall as deeply as it is now. So I skipped.
Ok! The question now is: What to do now, how will the gold price go in the near future?
Overall view: Day chart
Scenario 1: BUY under 1700
Most technical analysts are looking in this direction: Below 1700 to 1680. This is seen as a hard of the gold price.
Subjective opinion (BUY): If there will be a strong fall at the beginning of the next week to under 1700, I will BUY!
Take profit at 1000 pips – Stop loss at 300 pips as I used to do. I expect this will be the last stop and also the best price range for long-term BUY position.
Strategy: Divide times to BUY. If it is correct - scale out (take profit ½) and continue to hold. If it’s wrong, hit stop loss and lose.
Scenario 2: Bounce back at the beginning of next week
1900 billion USD has just been ratified. The money printers will continue to run. There is a good chance that there will be a strong bounce at the beginning of the week - This will be the zone for us to enter small SELL positions - technically called Retest levels (Old becomes the new Resistance).
Place SELL positions- Small SELL - Short SELL.
Always trade at the safe zone. It might be small but it’s safe. My mindset with Gold is like that. You just need to keep money, do whatever you can to keep money. Naturally you will make money in this market. That's all!
Anything else? Next week, I will write articles more often. Back to work after a week of Lunar New Year holiday.