Happy New Year 2019 Trading View Community! My first post for this year and like to share this great setup I found on Gold.
Gold had a good bull run since Nov 2018 and finally reached an area where I am interested to look for selling opportunity.
On the Weekly time frame, we can see price action doing a consolidation between about 1050-1400 which tells me that price is near the top of the consolidation range and may have reached an exhaustion point and ready to turn.
Lower to Daily time frame where i execute my trade plan, I found more supporting reasons to sell:
1) a clean Harmonics Bearish Bat setup that completes at about 1307
2) price is within my sell area marked by the grey area
3) at resistance level
4) strong confluences with previous highs and lows price points
5) RSI at or near oversold levels
Here is my trade plan:
Entry: 1307
Stop Loss: 1343.40 (-36.60)
TP1: 1254 (+47) (to bounce off previous Bat Pattern)
Extended TP: 1219.50, 1186.80
Once price exits and close below my sell area, I will shift stop loss to entry to reduce my exposure.
Do like and share this post. Follow me if my trading style suits you as I will be posting new trade ideas and analysis regularly.
To all traders, may all your trades be green :)
Gold had a good bull run since Nov 2018 and finally reached an area where I am interested to look for selling opportunity.
On the Weekly time frame, we can see price action doing a consolidation between about 1050-1400 which tells me that price is near the top of the consolidation range and may have reached an exhaustion point and ready to turn.
Lower to Daily time frame where i execute my trade plan, I found more supporting reasons to sell:
1) a clean Harmonics Bearish Bat setup that completes at about 1307
2) price is within my sell area marked by the grey area
3) at resistance level
4) strong confluences with previous highs and lows price points
5) RSI at or near oversold levels
Here is my trade plan:
Entry: 1307
Stop Loss: 1343.40 (-36.60)
TP1: 1254 (+47) (to bounce off previous Bat Pattern)
Extended TP: 1219.50, 1186.80
Once price exits and close below my sell area, I will shift stop loss to entry to reduce my exposure.
Do like and share this post. Follow me if my trading style suits you as I will be posting new trade ideas and analysis regularly.
To all traders, may all your trades be green :)
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Trade engaged
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