spesfinancial
Short

Gold Possible intraday short setup

FX:XAUUSD   Gold/U.S. Dollar
70 0 1
7 months ago
Yesterday Gold             completed a weak bearish candle below the support zone, and now it may become a resistance. Following yesterday's candle, it is very likely that Gold             will keep dropping today. Wait for a consolidation and then look for short entries when price breaks yesterday's low around 1261.4. I can see that there may be a daily upwards trendline just below current price, but as yesterday's candle is quite weak, it is possible for price breaks this trendline directly, and there is enough range for me to protect short position when price reaches the line.
7 months ago
Comment:
snapshot

On 4 hour chart it is more clear about the trading plan. There may be a support zone around current price, so I would like to wait for a consolidation before look for short breakout. It is better if price could test resistance above.
7 months ago
Comment:
snapshot

I put the weekly chart at the bottom, because it is in long trend against my short plan, but for intraday trading, it is not that significant. As can be seen there are so many possible support zones below on weekly chart, so just remember it is only a intraday trading plan not a mid or long term one. We are more likely in a retracement currently.
7 months ago
Trade closed manually:
snapshot

Following the plan, there are two possible short entries on Gold today. On 15 minute chart, I can take an aggresive short entry when price breaks short-term trendline and retraces it, but I didn't take this one as price has not fully tested the important resistance above. I have taken the other entry when price breaks yesterday's low, but as the 1 hour candle after my entry did not complete with profit, which indicated a high risk on reversing, so I choose to close this position at BE when price come down again.
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