Master Plan for Trading Gold Like A Pro: Tiny Bear & Big Bulls

The tiny bear-case scenario within a larger bullish push and larger triangular consolidation on the daily chart:

The bullish scenario is the blue pattern that shows price retracing 50% of the rally. Maybe the bears need to fulfill their story to 1940.40 or 1930 before breaking out. Or, maybe there will be a bull trap to fake the bears into holding short. In addition to this, if we zoom out, look at how the 20 simple moving average is hugging prices around gold. It very much can breakout to the upside. No need to guess, just sit tight and watch. But, if you insist on trading regardless of being confused about what you see, then just take a very tiny position with a conservative stop loss (not a tight one), and see what happens and do not care about the outcome. This is the best case scenario because you are minding your risk management, which is key. That is the best strategy:

Comment:

GOLD CHOOSE the BOUNCE:
Itsn't it great to have a warrior plan?

Comment:

We have two scenarios and we want to be buyers of GOLD.
Scenario #1:
- We wait for GOLD to fulfill its AB = CD pattern and then buy gold all the way down at 1930.

OR

Scenario#2:
- Remember that blue pattern on the left? Do you see it? This is a greater BULLISH pattern and it just has been validated. :) So, we will put a buy stop above the highs of the previous two blue bars the jumped up. If and if only GOLD reaches back up there, then we will enter into GOLD.
The stop loss will go under 1922.

Comment:

Scenario#2 is buying GOLD above 1950 with a stop below 1922: