Gold approaching key demand zone on Daily around 1750
Obviously, the momentum to the downside is pretty strong, especially on the hourly chart.
My long setup idea is mainly based on weekly & daily. However, I don't want to catch the knife blindly. So how price responds to the zone around 1750 is key!
Here are two possible scenarios:
1. Price retests zone of 1833-1846 before hitting the daily major defense zone, I prefer to short the retest
2. Price goes all the way down to the zone of 1950. Sellers need to take a breathe. I prefer to long if I spot appropriate candle patterns on 4H or 1H.
My previous bullish setup got canceled, because the candles after the breakout of the trendline is choppy.
My long setup idea is mainly based on weekly & daily. However, I don't want to catch the knife blindly. So how price responds to the zone around 1750 is key!
Here are two possible scenarios:
1. Price retests zone of 1833-1846 before hitting the daily major defense zone, I prefer to short the retest
2. Price goes all the way down to the zone of 1950. Sellers need to take a breathe. I prefer to long if I spot appropriate candle patterns on 4H or 1H.
My previous bullish setup got canceled, because the candles after the breakout of the trendline is choppy.
Comment:
waiting for yellow zone being violated.
plan your trade and trade your plan
