Yesterday gold stayed in consolidation around 1862-1874 area and keep rejecting 1856-1858. I'm speculating that this is going to be a quick drop before it jumps back up around the 1884-1886 area. I will put a really small trade on 1858 after checking the price action to see if we can get a quick scalp to 1838
TP 1838-1840
Entry 1858
SL 1862
Note: 1838-1840 range is very strong support. TP 1840 if it rejects multiple times.
This is a speculative sell. It's advised to maintain small risk management
Give a like and feel free to provide feedbacks or comments on my analysis. Kindly appreciate if you can share your ideas as well :)
TP 1838-1840
Entry 1858
SL 1862
Note: 1838-1840 range is very strong support. TP 1840 if it rejects multiple times.
This is a speculative sell. It's advised to maintain small risk management
Give a like and feel free to provide feedbacks or comments on my analysis. Kindly appreciate if you can share your ideas as well :)
Note
Stopped out at 1862. 40 pips lossNote
For some reason, the false break has been happening quite often since yesterday. I'd play safe for nowNote
Sadly my entry was stopped out at 1858. Too bad after that it went dip quickly to 1838 which I pointed out according to my plan.My Journal Trading:
- 1864 was breached almost quite often which is strong resistance
- if the market was consolidating in the support area, it would potentially break the support
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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.