Hi Traders,
Yesterday was rough and choppy moves for buys. I hate to say but my trades got stopped out couple of times. It's a learning process, but I'm sharing my gold perspective for today. Here are some indicators from price action yesterday:
- Falling wedge/upward channel break 1857 and retrace back after retesting to 1862-1864 support area
- Clear HnS form built from the graph analysis
- Indicators showing oversold however higher timeframe (4h) is still in a downtrend
My trading plan:
- if it is showing a breakout from 1847 and going down to 1844, we want to put a sell limit around 48-50 for a pullback first before it starts falling down. Gold tends to very volatile once it breaks out and loves to retrace back to the support that has changed to resistance (this way we don't get a surprise such as a whipsaw and tighter stop loss).
- My stop loss is 1856-1857 as this becomes a strong resistance level when it breaks
- Target profit is 1838, but my assumption is that it might likely break the support and fall to 1820-1800. After that, we can strategize for a buy position
Kindly appreciate your likes and comments for feedbacks or arguments if you have one (:
Yesterday was rough and choppy moves for buys. I hate to say but my trades got stopped out couple of times. It's a learning process, but I'm sharing my gold perspective for today. Here are some indicators from price action yesterday:
- Falling wedge/upward channel break 1857 and retrace back after retesting to 1862-1864 support area
- Clear HnS form built from the graph analysis
- Indicators showing oversold however higher timeframe (4h) is still in a downtrend
My trading plan:
- if it is showing a breakout from 1847 and going down to 1844, we want to put a sell limit around 48-50 for a pullback first before it starts falling down. Gold tends to very volatile once it breaks out and loves to retrace back to the support that has changed to resistance (this way we don't get a surprise such as a whipsaw and tighter stop loss).
- My stop loss is 1856-1857 as this becomes a strong resistance level when it breaks
- Target profit is 1838, but my assumption is that it might likely break the support and fall to 1820-1800. After that, we can strategize for a buy position
Kindly appreciate your likes and comments for feedbacks or arguments if you have one (:
Note
Entered and received 20 pips. 50 pips and we set break even :)Note
+ I'm setting my stop loss to 1852. If this time it breaks 1850 it will shoot upNote
Stopped out 20 pips lossApparently, it is not ready yet to go down. I'm waiting for another good opportunity
Note
Alright, we got v reversal from the top which I was not happy about.Key learning has to be finding the best stop loss.
Why did I decide to put my stop loss at 1852?
Because I believe that 1852 area was quite strong resistance previously
How?
We use 15TF to find the best wick standing out then put a stop loss 50 cents above that which was 1854
Great learning with 20 pips loss with 1% trade
I'll find another best opportunity to enter
Note
Another key learning:when the hourly chart (15m, 30m, 1h, 4h) candle changes, the volatility is huge that can make gold starts to swing up and swing down that made my position closed so fast, therefore wider stop loss can be placed during this time
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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.