When you look at the daily time frame on Gold , marked in orange, you can see the impulse on the left, the corrective structure and a break of that corrective structure to the upside. The price pulled back after the break and is currently forming the same setup on the H4 time frame, marked in pink. This will confirm the bigger move and price is currently trading at the resistance of the structure.
It is however important to note that there is the Jackson Hole Symposium today which could cause big market moves so it would likely be advisable to look at entering this trader after the market has calmed down from the news.
I am already in a long position but will add into it when the H4 structure breaks to the upside.
Happy Trading!
Linton White
QuickTrade
This information is not intended as advice or as a trading signal. Should you use this information in any way whatsoever, you do so at your own personal discretion.
It is however important to note that there is the Jackson Hole Symposium today which could cause big market moves so it would likely be advisable to look at entering this trader after the market has calmed down from the news.
I am already in a long position but will add into it when the H4 structure breaks to the upside.
Happy Trading!
Linton White
QuickTrade
This information is not intended as advice or as a trading signal. Should you use this information in any way whatsoever, you do so at your own personal discretion.