After an awesome finish to last week we would like to wish everyone good luck for the week ahead.
We have updated the H1 Goldturn trading levels and targets.
We remain Bullish and our setup allows us to take buys from support levels within the retracement range and even the swing range with low exposure.
1974 will likely be challenged on market open. We will look to see how EMA5 reacts to 1974. A break of 1974 with EMA5 will open the gateway to 2000 plus. A failure to break this with a new Goldturn created below 1974 can provide the momentum to test the full swing range to 1920. A break below 1920 will open the lower levels in which case we will update our setups accordingly.
To trade a Bullish setup like this requires experience, just because we can see upper levels of 2004 doesn't mean we chase this now. Knowing this target is open allows us to buy from support levels confidently and exit early within the current range. This protects me from getting stuck when the Bulls hit the BRAKE and leave traders crashing!
I will be trading this by taking buys from support levels within the Blue zone range and taking profit on the red zones. I will only target the upper levels once 1974 has broken and some targets above get hit and then once price finds support close to 1974 . This gives us a quick blueprint of the new range to trade from the support levels. I find this to be the safest way to ride a Bull run to all time highs. However If I do decide to take some some buys without waiting for support or a blue print of the new range then I will keep the retracement and swing range in mind to risk manage my exposure.
As always we will keep you all updated with daily updates on the targets we will take and any changes to our plans. Please don't forget to like, comment and follow to support us, we really appreciate it!
Bang on. Your analysis was posted last night and you suggested that it was likely to hit 1974 and lock to touch 2000 which it did bang on. Thanks for another brilliant run down for the week's set up inspiring confidence alongside capturing the pips.