XAUUSD Testing The Idea That Trend Keeps Trending
Previously when I am doing the DCA thing, I would long when price is at support, and when price breaks through support, I would continue to DCA. However, now I have a new idea since last week, that is to trade in the direction of the current wave's trend while taking into account the overall trend and market condition.
Now, even though I believe that a finite resource such as gold (at least on earth), would increase in price in the long run, but it has it's own cycles of ups and downs in the short run, and in this current cycle, I believe it is going to go downwards.
Even though price is obviously at a minor Support area currently, but I am going to short XAUUSD because the trend is down, now.
Unless if price really pushes itself upwards, and trends upwards, otherwise I have zero reason to be buying right now.
Alrighty now, I am not buying now. I am just testing this idea out and journalling it here for all to see if anyone is interested.
We shall see how it goes.
TLDR : Price trends in one direction, buy in that direction. If price reverses in the opposite direction completely, we would close the current positions and open new positions in the new direction.
1439SGT 16122024
Now, even though I believe that a finite resource such as gold (at least on earth), would increase in price in the long run, but it has it's own cycles of ups and downs in the short run, and in this current cycle, I believe it is going to go downwards.
Even though price is obviously at a minor Support area currently, but I am going to short XAUUSD because the trend is down, now.
Unless if price really pushes itself upwards, and trends upwards, otherwise I have zero reason to be buying right now.
Alrighty now, I am not buying now. I am just testing this idea out and journalling it here for all to see if anyone is interested.
We shall see how it goes.
TLDR : Price trends in one direction, buy in that direction. If price reverses in the opposite direction completely, we would close the current positions and open new positions in the new direction.
1439SGT 16122024
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