After last week's FOMC rate cut Gold has been extremely bullish, on the daily and 4hr timeframes. With this 4hr chart I provide an opportunity to get into a temporary short (as a pullback), before entry into a long position.
1) SHORT ENTRY: Wait for a 4hr rise into the red zone (1479 - 1486) followed by bearish price action within the zone
*** INVALID IF rise above 1486 ***
2) SHORT EXIT: Look to take profit in a pullback to the green zone (1453-1449)
LONG ENTRY: Wait for a bullish reversal within the green zone (1449-1453) accompanied by bullish price action
*** INVALID IF drop below 1449 ***
1) SHORT ENTRY: Wait for a 4hr rise into the red zone (1479 - 1486) followed by bearish price action within the zone
*** INVALID IF rise above 1486 ***
2) SHORT EXIT: Look to take profit in a pullback to the green zone (1453-1449)
LONG ENTRY: Wait for a bullish reversal within the green zone (1449-1453) accompanied by bullish price action
*** INVALID IF drop below 1449 ***
Comment:
Trade invalid