waiting patiently for my entries on #Gold #XAUUSD #GLD
Updated
Still waiting patiently for My Entries on GOLD.
Remember, in about 2 hours one of the mightiest Man on this planet Fed Chairman Mr. Jerome Powell will speak.
We don't know exactly what will happen after the FED held their meeting, but during current Volatility already caused by ECB Decision to higher the punitive interest rates for Banks we maybe will get long legged Dojis in both directions before #Gold price will decide on direction.
I want to play Gold to the Upside but don't want to get caught today by any wicked price action so I chose my Entry wisley.
We are not in a rush getting into this Trade so we place our Alerts or Buy Orders Way below current price action, in a zone were we meet some kind of support and other Trader who rushed already to early in Position will probably have their Stopp Loss placed.
We Have the 0.236 Fib Retracement Coming in at around 1460.
We Have little Support around 1450 (the top of former consolidation) which align on the 10H Chart with the 200 EMA and on the 4H Timeframe we have the 377 EMA.
So there are these indicators which would give me enough confidence making Long Trades of it.
The reaction of this Zone will tell me soon enough if i am going to hold it for a few hours or keep it running at least till Friday Evening or maybe longer. My Risk Management will be set according to this.
The More Safer was to not trade this Week any Gold and Wait for next Week Open because on the Higher Timeframes a Pullback to 1370 is still not of the table.
If last Consolidation range will not bounce Gold Price i expect it to retrace fully to support and at least to 0.382 Fib (1400) or 0.5 Fib Level 1360.
This Area is additionally Supported by the Weekly 50 and 200 EMA.
Trade Safe.
=======================
you can follow and copy my Trades on eToro
My Etoro Profile: etoro.com/people/koboltrading
Etoro Registration Link: etoro.tw/2Zuqk80
Remember, in about 2 hours one of the mightiest Man on this planet Fed Chairman Mr. Jerome Powell will speak.
We don't know exactly what will happen after the FED held their meeting, but during current Volatility already caused by ECB Decision to higher the punitive interest rates for Banks we maybe will get long legged Dojis in both directions before #Gold price will decide on direction.
I want to play Gold to the Upside but don't want to get caught today by any wicked price action so I chose my Entry wisley.
We are not in a rush getting into this Trade so we place our Alerts or Buy Orders Way below current price action, in a zone were we meet some kind of support and other Trader who rushed already to early in Position will probably have their Stopp Loss placed.
We Have the 0.236 Fib Retracement Coming in at around 1460.
We Have little Support around 1450 (the top of former consolidation) which align on the 10H Chart with the 200 EMA and on the 4H Timeframe we have the 377 EMA.
So there are these indicators which would give me enough confidence making Long Trades of it.
The reaction of this Zone will tell me soon enough if i am going to hold it for a few hours or keep it running at least till Friday Evening or maybe longer. My Risk Management will be set according to this.
The More Safer was to not trade this Week any Gold and Wait for next Week Open because on the Higher Timeframes a Pullback to 1370 is still not of the table.
If last Consolidation range will not bounce Gold Price i expect it to retrace fully to support and at least to 0.382 Fib (1400) or 0.5 Fib Level 1360.
This Area is additionally Supported by the Weekly 50 and 200 EMA.
Trade Safe.
=======================
you can follow and copy my Trades on eToro
My Etoro Profile: etoro.com/people/koboltrading
Etoro Registration Link: etoro.tw/2Zuqk80
Note
Weekly Perspective green 50 EMA will close in for support soon and red 200 EMA later
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