Friends who have read my trading strategy yesterday know that we shorted gold near the resistance of 2650 yesterday and finally took profits at 2636.
From the figure, we can see that 2650 is the 0.618 position of the Fibonacci retracement in the previous downward trend. The resistance here is indeed very strong. Now the gold price has rebounded here again. Can we choose to sell here again?
Judging from the current rebound strength, I think it is relatively strong, and there is a sign of breaking through this resistance level. Therefore, we need to be cautious next and not rush to enter the market.
Now the upper resistance of gold is 2650 and 2658. If this range cannot be broken, then the gold price will fall. On the contrary, if it breaks through, then gold will most likely start to rise.
Therefore, how to trade today depends on the specific performance of the 2650-2658 range.
From the figure, we can see that 2650 is the 0.618 position of the Fibonacci retracement in the previous downward trend. The resistance here is indeed very strong. Now the gold price has rebounded here again. Can we choose to sell here again?
Judging from the current rebound strength, I think it is relatively strong, and there is a sign of breaking through this resistance level. Therefore, we need to be cautious next and not rush to enter the market.
Now the upper resistance of gold is 2650 and 2658. If this range cannot be broken, then the gold price will fall. On the contrary, if it breaks through, then gold will most likely start to rise.
Therefore, how to trade today depends on the specific performance of the 2650-2658 range.
Trade active
Gold once again encountered resistance at 2650 and fell, the current price is 2640Note
Although the gold price is still hovering around 2640, the downward trend of the hourly line has already emerged. You can continue to hold the short orders you hold, or you can close the positions now to lock in profits.Trade closed: target reached
Brothers, I am not going to hold on any longer. I will close my position with profit now and lock in the profit. Gold has been hovering around 2640 for a long time, and it seems that it can’t fall any further. So be safe and close your positions first, and then make a new trading plan tomorrow.If it doesn’t fall below 2636 today, it will most likely rebound tomorrow
Note
This wave of 2650 fell to 2640, and the profit margin is also 10 points, which is already very good, so don't lose the big picture for the small.So far, we have made profits 6-7 times in a row. I am not sure. Interested friends can help me check it out😁
Note
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📣More detailed real-time trading strategies will be released in the channel, welcome to join and get them
🟢Join the free Telegram group:
t.me/Reliable_Trading0
🟡Contact me to copy trading:
t.me/Reliable_Trading1
🟢Join the free Telegram group:
t.me/Reliable_Trading0
🟡Contact me to copy trading:
t.me/Reliable_Trading1
Related publications
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.