FX:XAUUSD Gold / U.S. Dollar
please tell me what you think
forget the butterfly. forget MAs. forget Stoch RSI. and forget fib retracements. none of it has any predictive power. only use support/resistance levels, and traditional pivots except daily pivots, which are useless. if looking at daily and price is getting close to a resistance/support of key pivot, then drop down to M15/30 or H1 and see if you can see price action indicating a reversal. so that would be an intraday trade. therefore, no telling if reversal is beginning of a new multi-day trend. therefore be prepared to exit the trade at a predefined target objective matching your R:R (risk:reward ratio) that needs to be set before entering the trade. and that's all there is to it. however, gold does require at times a 200 pip SL if you are using the daily chart mostly.