Looking to long gold from 3326 area.
Technical Reasoning-
38 Fib
TL Break Retest
Psych level (25)
Look for alignment on a BR movement with DXY
Current sentiment is risk off going into the London session, if this sentiment stays then the long is valid.
Final target for the movement is to 3400. Partial profit taking along the ride is always a good idea.
Have not posted here in a minute, will become more frequent now.
My shift has changed, I am predominantly trading gold, I also am trading USDJPY, however trades on UJ have to have alignment with DXY 100% of the time for the trade to be valid, therefore trades won't be as frequent but accurate. Similar notion applies to gold, with such strong correlation to DXY when the market is dollar driven (Roughly 80% of the time), gold has beautiful alignment with DXY.
Good to be back in the game.
Catch you later traders ☀️
Technical Reasoning-
38 Fib
TL Break Retest
Psych level (25)
Look for alignment on a BR movement with DXY
Current sentiment is risk off going into the London session, if this sentiment stays then the long is valid.
Final target for the movement is to 3400. Partial profit taking along the ride is always a good idea.
Have not posted here in a minute, will become more frequent now.
My shift has changed, I am predominantly trading gold, I also am trading USDJPY, however trades on UJ have to have alignment with DXY 100% of the time for the trade to be valid, therefore trades won't be as frequent but accurate. Similar notion applies to gold, with such strong correlation to DXY when the market is dollar driven (Roughly 80% of the time), gold has beautiful alignment with DXY.
Good to be back in the game.
Catch you later traders ☀️
Trade active
If no new high made, the fib is now adjusted and 3329 is the entry, now the top wick created on that area is an added confluence of an intra KL. Should no new high be created in NY, this shows Risk Off has faded.
Order cancelled
Trade cancelled as Risk Off established in NY session, will await a new entry point to join the movement
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.