TRADE IDEA FOR THE WEEK (UPDATED)
Updated
Price reached buy zone and bounced nicely. The link of previously published idea on 25/1/21 is attached below. (can't post link here as I'm not a pro member. Still working on earning reputation points)
IMO market is still bearish and would look for short opportunities. Will continue to observe price actions before making any entries here.
Possibility is slim but there's still chance for a bullish breakout to occur as traditionally January is a bullish month. If that occurs wait for price to close above the channel and buy at retrace.
No one can predict the market accurately 100% of the time so always keep in mind to have good risk and money management.
Once again, trade safe.
IMO market is still bearish and would look for short opportunities. Will continue to observe price actions before making any entries here.
Possibility is slim but there's still chance for a bullish breakout to occur as traditionally January is a bullish month. If that occurs wait for price to close above the channel and buy at retrace.
No one can predict the market accurately 100% of the time so always keep in mind to have good risk and money management.
Once again, trade safe.
Note
Bullish pressure seems to be running out. Added short position at 1861.Note
Price moving down faster than I expected. SL set to breakeven and tp at 1835Trade closed: stop reached
Unfortunately, price missed my TP by just a few pips and hit SL at BE.Will continue to observe price action and decide next course of action. Wallstreetbets euphoria going strong now pushing silver up which more or less affects gold too. IMO risky for any entries now.
Note
Overall trend is still bearish and my trade idea remains valid. Gold failed to close above trendline which invalidates a bullish breakout.Due to the volatile price movements with huge swings I'm unable to find a suitable entry point which suits my risk appetite. Besides, it's the last trading day of the week and I wouldn't want to leave an open position over the weekend with the current situation.
I'm out for this week and I'll come out with new outlooks for next week after the market closes.
Trade safe.
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