Gold Gold Gold, such a wonderful market to trade, such a beast to master. Whats up guys, i never show ideas for gold, but i think its about time i start posting more on here so this is the first step I suppose.
Lets hop into it; as we can see, gold is in somewhat of a consolidation zone marked in purple, and this is telling us either price is preparing for a shoot upwards, or a shoot downwards. It really depends on the close of the next hourly candle in my opinion.
So using price action, we will have 2 scenarios:
Price closes bullish and continues upwards (this can be a doji as well, as long as the candle is a bull candle). In this instance, we would move to the smaller timeframes and search for a potential entry for a buy and ride the wave to the green I have marked up for a nice little scalp on the day.
Scenario 2:
Price closes BEARISH (Engulfs the last bull candle, and stays under the 2 ema's I have marked on my chart). In this instance, we would be searching for short positions and place our stop loss just above the upper level of this little consolidation zone and rice the wave to the lower wick marked by the support line I have on bottom
Which ever may be the case, we must be patient in our approach and resist the urge to hop in the market early just because we might thin we know where price will go. Just wait, and trade WITH the market. Not ahead, and not behind; WITH the market.
Trade safe, Trade smart, Trade Precise, we got this
Lets hop into it; as we can see, gold is in somewhat of a consolidation zone marked in purple, and this is telling us either price is preparing for a shoot upwards, or a shoot downwards. It really depends on the close of the next hourly candle in my opinion.
So using price action, we will have 2 scenarios:
Price closes bullish and continues upwards (this can be a doji as well, as long as the candle is a bull candle). In this instance, we would move to the smaller timeframes and search for a potential entry for a buy and ride the wave to the green I have marked up for a nice little scalp on the day.
Scenario 2:
Price closes BEARISH (Engulfs the last bull candle, and stays under the 2 ema's I have marked on my chart). In this instance, we would be searching for short positions and place our stop loss just above the upper level of this little consolidation zone and rice the wave to the lower wick marked by the support line I have on bottom
Which ever may be the case, we must be patient in our approach and resist the urge to hop in the market early just because we might thin we know where price will go. Just wait, and trade WITH the market. Not ahead, and not behind; WITH the market.
Trade safe, Trade smart, Trade Precise, we got this
