Please follow the Analysis on the RIGHT-HAND SIDE!
As my chart explains, I am in for Longs on Gold. Gold hits this area frequently if we look to the left, creating clear zones, 4H zones, and lower timeframe "microzones".
Following the zones, volume & price action I believe we will see a wick to the downside (as we could already before the market close) and followed by bulls stepping in.
My entry areas are marked, but if they are not clear I'll mention them here: 1843,53 (already triggered) followed by 1840,80 (missed by 10 pips) and 1837,95.
Stop Loss is discretionary, depending on your lot size and account size, also your risk appetite.
I am personally holding SLs below 1835 to avoid being stopped out before the market would turn.
Gold has many fundamentals coming in its way as a booster. I use fundamentals in combination with technical analysis.
The TPs are also marked out clearly on the chart! However, here they are in case they not visible for some of you: 1875,21, 1860, and 1864, a spread-out take profit is beneficial due to the volatility in the gold market and the whole political situation affecting it. So it is better to take profits rather than be on an emotional rollercoaster. Also, you can move your TPs around according to your risk appetite, however, to avoid the mentioned emotional rollercoaster (i hate rollercoasters) I recommend you to hold to the TPs mentioned above. One Tp change I can recommend is upon examining price action on 15,30-minute timeframes and 1H to 4H timeframes you can move them accordingly into the zone as 1850 for example. We had lots of rejections around this area as we did in 1862. Trade accordingly! Have fun!
If you used my analysis please let me know in the comment section if you found it useful! I will appreciate it a lot!
Thank you!!!
As my chart explains, I am in for Longs on Gold. Gold hits this area frequently if we look to the left, creating clear zones, 4H zones, and lower timeframe "microzones".
Following the zones, volume & price action I believe we will see a wick to the downside (as we could already before the market close) and followed by bulls stepping in.
My entry areas are marked, but if they are not clear I'll mention them here: 1843,53 (already triggered) followed by 1840,80 (missed by 10 pips) and 1837,95.
Stop Loss is discretionary, depending on your lot size and account size, also your risk appetite.
I am personally holding SLs below 1835 to avoid being stopped out before the market would turn.
Gold has many fundamentals coming in its way as a booster. I use fundamentals in combination with technical analysis.
The TPs are also marked out clearly on the chart! However, here they are in case they not visible for some of you: 1875,21, 1860, and 1864, a spread-out take profit is beneficial due to the volatility in the gold market and the whole political situation affecting it. So it is better to take profits rather than be on an emotional rollercoaster. Also, you can move your TPs around according to your risk appetite, however, to avoid the mentioned emotional rollercoaster (i hate rollercoasters) I recommend you to hold to the TPs mentioned above. One Tp change I can recommend is upon examining price action on 15,30-minute timeframes and 1H to 4H timeframes you can move them accordingly into the zone as 1850 for example. We had lots of rejections around this area as we did in 1862. Trade accordingly! Have fun!
If you used my analysis please let me know in the comment section if you found it useful! I will appreciate it a lot!
Thank you!!!