Hi Traders,
Today we are seeing that the price was not able to rebound back to the channel. It exactly hit my rebound level and drop significantly to 1810 (check my previous analysis to validate that I put that channel for a long time). This is a very dilemma situation where we are seeing a down pattern like this because it should break below 1800 but price action is not telling us the appropriate way to trade (consolidation/exhaustion).
Should I sell?
You can, but not recommended. Price action is choppy or impulsive. It can easily flip you back to the channel quickly because the candlestick seems to be exhausted
Should I buy?
Again you can, but not recommended. Buy during a downtrend can kill you fast enough if you hold intra-day
Scalping is a good method to get quick profit during this time (30-50 pips), but I'm still newb and learning to find the right way to profit from scalping due to high broker commission and wide spread.
NFP is tomorrow. It can determine whether we are seeing a downtrend/uptrend on Gold. No single person knows what will happen on the price tomorrow.
Sharing my strategy on tackling NFP moments:
- two to three minutes before NFP report release, set a sell stop and buy stop at the range of 35 pips away from the price. Set a stop loss of 50 pips
- as soon as the news release is open and the report shows a good sign of USD, delete buy stop order. Vice versa is applied when news showing a bad sign of USD
Profit-taking ranging between 100-300 pips depending on the discrepancy between forecast vs actual.
FYI: I might not enter a trade because I myself is not too confident and lack of experience
Please let me know if you have feedback/comments and give a like. Thanks!
Today we are seeing that the price was not able to rebound back to the channel. It exactly hit my rebound level and drop significantly to 1810 (check my previous analysis to validate that I put that channel for a long time). This is a very dilemma situation where we are seeing a down pattern like this because it should break below 1800 but price action is not telling us the appropriate way to trade (consolidation/exhaustion).
Should I sell?
You can, but not recommended. Price action is choppy or impulsive. It can easily flip you back to the channel quickly because the candlestick seems to be exhausted
Should I buy?
Again you can, but not recommended. Buy during a downtrend can kill you fast enough if you hold intra-day
Scalping is a good method to get quick profit during this time (30-50 pips), but I'm still newb and learning to find the right way to profit from scalping due to high broker commission and wide spread.
NFP is tomorrow. It can determine whether we are seeing a downtrend/uptrend on Gold. No single person knows what will happen on the price tomorrow.
Sharing my strategy on tackling NFP moments:
- two to three minutes before NFP report release, set a sell stop and buy stop at the range of 35 pips away from the price. Set a stop loss of 50 pips
- as soon as the news release is open and the report shows a good sign of USD, delete buy stop order. Vice versa is applied when news showing a bad sign of USD
Profit-taking ranging between 100-300 pips depending on the discrepancy between forecast vs actual.
FYI: I might not enter a trade because I myself is not too confident and lack of experience
Please let me know if you have feedback/comments and give a like. Thanks!
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.
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.