I DO MY TRADING BASED ON THIS SIMPLE CHART I LOOK AT SUPPORT AND RESISTANCE LINES AS WELL THE RSI. IF THE PICE IS TAKING SUPPORT ON THE GREEN LINE AND THE RSI IS OVER SOLD THAT WOULD BE MY ENTRY POINT FOR LONG, IF PRICE IS TAKING RESISTANCE ON THE GEEN LINE AND THE RSI IS OVER BOUGHT THAT WOULD BE MY SHORT ENTRY POINT. MY SL IS ALWAYS 2 USD ABOVE OR BELOW THE PREVIOUS HIGH / LOW
In other words: if Long you SL=1286, if you go short you SL=1318. Could you please confirm. What is you projection about the price in near future. COT report supports bear's trend seems.
safihabibi
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@fhsk2001, i will not go short because RSI is not leting me to go short over sold for me that is entry point for long. sl 1286 correct . i do not follow COT reports,
the price need to reach 1305 level based on my calculation at that point trader will have opportunity to make their decision clear.
fhsk2001
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@safihabibi, RSI=44.98 in 1 day chart, RSI=40.90 in 4H chart, RSI=54.27 in 1 H chart. So, RSI is neutral. MACD in 1 day and 4H charts, points down, while in 1H chart is neutral.
safihabibi
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you are referring to the current chart but at the time when the price was at 1288 that was the location to make your decision on time the RSI was over sold both 4 and 1 tf
fhsk2001
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@safihabibi, Yes, this is true. The point is what follows from now on?
safihabibi
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@fhsk2001, my first target for the upside is 1305 or it need to take my sl at 1286 that is all .
fhsk2001
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@safihabibi, to go to 1305 it needs to break 1298 (0.382 fib retrace) and 1303 (200 EMA in 4H) resistances. It is possible of course.
safihabibi
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@fhsk2001, do not make you self confused with MAs and other .382 fib wad tested on friday and I have made my mind it need to take out up side either way take my sl at 86 or to 1305 that is all
fhsk2001
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@safihabibi, Thank you. I just learn trend of the gold and try to make most appropriate strategy.