GOLD: First red day!Hi everyone and welcome to my channel, please don’t forget to support all my work subscribing and liking my post, and for any question leave me a comment, I will be more than happy to help you!
“Trade setups, not movements”
Let’s jump into the Technical Analysis:
WEEKLY TEMPLATE (1hr chart):
The last Thursday and Friday we saw gold performing a good pump, failing the breakout on Monday, triggering short breakout traders in the market and closing out of balance and as a first red day. Remember that a market out of balance can stay out of balance and expanding itself indefinitely!
DAILY TEMPLATE (15min chart):
The market is still inside the previous high low range, although we have shorts in the market, no OTF have been triggered yet, but news will definitely change many things.
THESIS :
I have either a long and short thesis for gold today, depending on the setup we are gonna get:
1. Short thesis: FRD signal, if the market pumps up till Friday closing price or previous HOD, consolidating at that level, I will be looking for a short trade, potentially even back to the previous LOW.
2. Long thesis: noting that since Friday the market has been dumping and consolidating around the current LOW, I could be looking for a scalping long if price dumps into the yesterday closing price.
SETUP :
Short: pump into Friday CP or previous HOD
Long: dump into yesterday CP or yesterday LOD
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
