GOLD: Three days short traders in the market
Updated
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“Trade setups, not movements”
Let’s jump into the Technical Analysis:
WEEKLY TEMPLATE (1hr chart):
Two weeks of pump and dump template has been completed, gold spent the last 3 days into the backside move, triggering short breakout traders in the market, price at the low of the week can offer some opportunity of scalp in the day, or starting consolidating for further major move during the upcoming week.
DAILY TEMPLATE (15min chart):
Low of the week and other time frames are in the market, Asia and London session pumped the price up and currently consolidating, although not really a level which I'm interested.
THESIS:
Price placed a lower low before pumping up, this can be a scenario of "low hanging fruit" scalping short back into the traders long from LOW, 75+ pip of space, enough to take a good trade.
The long scenario, even if curious and interesting , it's most likely to happen during the upcoming week, however it could setup for a long setup LOD to HOD.
SETUP:
Short: price locking the current HOD, consolidating till 10am for a dump into the LOW
Long: price dumping down into the LOW/LOD/CP, consolidation will 10am for a pump up back into the current HOD.
if none of these setup will present to the chart, I wouldn't be interested in any other trade
Please note that the purpose of my analysis is to help me and you hunting the best trade setup for the day, none of my technical aspects are a way to forecast any directional market movement.
Gianni
“Trade setups, not movements”
Let’s jump into the Technical Analysis:
WEEKLY TEMPLATE (1hr chart):
Two weeks of pump and dump template has been completed, gold spent the last 3 days into the backside move, triggering short breakout traders in the market, price at the low of the week can offer some opportunity of scalp in the day, or starting consolidating for further major move during the upcoming week.
DAILY TEMPLATE (15min chart):
Low of the week and other time frames are in the market, Asia and London session pumped the price up and currently consolidating, although not really a level which I'm interested.
THESIS:
Price placed a lower low before pumping up, this can be a scenario of "low hanging fruit" scalping short back into the traders long from LOW, 75+ pip of space, enough to take a good trade.
The long scenario, even if curious and interesting , it's most likely to happen during the upcoming week, however it could setup for a long setup LOD to HOD.
SETUP:
Short: price locking the current HOD, consolidating till 10am for a dump into the LOW
Long: price dumping down into the LOW/LOD/CP, consolidation will 10am for a pump up back into the current HOD.
if none of these setup will present to the chart, I wouldn't be interested in any other trade
Please note that the purpose of my analysis is to help me and you hunting the best trade setup for the day, none of my technical aspects are a way to forecast any directional market movement.
Gianni
Note
it's the only condition I would take this trade :) good luck
Note
Major red news in 10 minutes, do not get fooled! if the market will break higher, re draw your high and low of the dayNote
Entered a scalping position at 10:20, after 35 pips went on BE, as well close to the low of new session, risky entry considering the market still in consolidation. Got stopped out at BE with 0% profit. My session and week ends here!
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