Gold inside a...channel / triangle

FX:XAUUSD   Gold Spot / U.S. Dollar
28 0 0
Okay it's a triangle, in case you argue.

Some people are calling a hike on Gold             due to fundamental analysis , and the current condition of our (or the world's) economy, but hey, technical doesn't lie. There is (to me) no need to worry about the hike until it breaks above 1174, or even above 1225-1230 the consolidation zone.

Notice the red lines mark a bigger triangle, which can be seen easily on Weekly chart. How a triangle usually plays out will likely be what's going to happen, if/when the market decides to go bullish .

As of now, we are looking at a smaller (or actually normal...) triangle on the Daily chart , and... as you can see, there is an obvious opportunity to trade inside the triangle.

hint: determine direction on bigger time frame, then drill down to smaller time frame for actual trades.

The market will wait for you, it almost always will, so there is no need to panic. Just... there is no need.
Be a trader who follows the plan (your plan!), don't rush into a trade because of what other says; nor should you chase any trades because other says you've missed it. If you missed it, you missed it! Big deal? Face the fact and just let it go! so that you can save your brain power for the next opportunity that comes up, not to waste it on regretting what couldn't be changed or undone.

Why is it so bad to chase a trade?
  • Your entry is not the best entry, as per your trading plan.
  • Worse entry, very often leads to worse R/R.
  • Worse timing, very often leads to lower chance of winning; bigger chance to get whipsawed if you insisted on the same R/R.
  • You get nervous, your heart beats faster, because you know you're not following your plan. You spent effort convincing yourself you are still rational, but really, you are not. You sweat for nothing better.
  • You have lost your edge.
  • You Are Gambling.

Plan ahead, and trade your plan.
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