We will finally BOOK our PROFITS? Hold on...
Ok, so gold is doing a bearish sign under a resistance zone, which is the previous top. As I said in my last GOLD analysis this movement was expected. If you missed my last analysis, the link to it is below, and remember to follow me to keep updated on our trades and analyses.
I’ll maintain what I said Friday, if you are a faster trader, you could’ve just booked your profits when GOLD reached the black line / previous top. But I think we can take our chances here, and use the hourly chart to guide our decisions:
Now GOLD is trading inside the “support zone”, an important zone which the price struggled a lot in the past to surpass. You can book your profits if GOLD lost this zone. In any case, I believe GOLD has a lot of potential, but if it loses the “support zone” it could seek the 21 ema in the daily chart, and this is a risk I don’t want to take.
Let’s see how GOLD will react here. I think it’s worth to maintain our position, but it can’t lose the “support zone”. This trade is giving us a nice profit, and we will not give our money back to the market.
Remember to follow me, I’m a trader who uses the classic technical analysis (barely any indicator, just the candles and the volume). Like this idea if it helped.
Thank you very much.
* LIKE this idea and FOLLOW me, because:
- Here, you will see clean charts;
- Trades with clear risk management;
- The best of Dow Theory, Price Action and Candlestick psychology;
- Chart patterns with statistics. *
* My name is Nathan, I'm a trader and portfolio manager and I'm here to LEARN. Leave your COMMENT and FOLLOW me to keep in touch. *
I’ll maintain what I said Friday, if you are a faster trader, you could’ve just booked your profits when GOLD reached the black line / previous top. But I think we can take our chances here, and use the hourly chart to guide our decisions:
Now GOLD is trading inside the “support zone”, an important zone which the price struggled a lot in the past to surpass. You can book your profits if GOLD lost this zone. In any case, I believe GOLD has a lot of potential, but if it loses the “support zone” it could seek the 21 ema in the daily chart, and this is a risk I don’t want to take.
Let’s see how GOLD will react here. I think it’s worth to maintain our position, but it can’t lose the “support zone”. This trade is giving us a nice profit, and we will not give our money back to the market.
Remember to follow me, I’m a trader who uses the classic technical analysis (barely any indicator, just the candles and the volume). Like this idea if it helped.
Thank you very much.
* LIKE this idea and FOLLOW me, because:
- Here, you will see clean charts;
- Trades with clear risk management;
- The best of Dow Theory, Price Action and Candlestick psychology;
- Chart patterns with statistics. *
* My name is Nathan, I'm a trader and portfolio manager and I'm here to LEARN. Leave your COMMENT and FOLLOW me to keep in touch. *
⚠️ Want to take your trading to the next level?
👉 Join the Finance Hydra VIP Mentorship - 6 weeks of mentoring with weekly meetings and ongoing support. Limited places available!
✅ Find out more and sign up: thefinancehydra.com/
👉 Join the Finance Hydra VIP Mentorship - 6 weeks of mentoring with weekly meetings and ongoing support. Limited places available!
✅ Find out more and sign up: thefinancehydra.com/
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.