Gold: My Trading Plan
About the Gold, what do you think about the market?
As I can see the situation, we have 1592.85 resistance level. If the price breaks it, the previous market high probably will be reached. But I don't think that it will be good to open long positions following the breakout. The good entry points for long trades could be based on reversal signals from SMA100 and SMA200. If you missed that trade opportunities, forget about buying.
If the market gives us a false breakout, it will be possible to sell below 1592.85 level. The better sell opportunity will be at 1612.00 resistance if the price bounces from this zone. And yes, in this market, I think sell trades will have more opportunities to become profitable than buy trades. RSI reached the overbought zone, and we should be ready to see a pullback. This pullback will be used for selling. New buy opportunities will come from SMAs, support zones based on reversal signals.
I would like to trade like this, if we talk about the swing trading based on the 4H timeframe. And what is your plan? Share in comments.
Disclaimer!
This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.
As I can see the situation, we have 1592.85 resistance level. If the price breaks it, the previous market high probably will be reached. But I don't think that it will be good to open long positions following the breakout. The good entry points for long trades could be based on reversal signals from SMA100 and SMA200. If you missed that trade opportunities, forget about buying.
If the market gives us a false breakout, it will be possible to sell below 1592.85 level. The better sell opportunity will be at 1612.00 resistance if the price bounces from this zone. And yes, in this market, I think sell trades will have more opportunities to become profitable than buy trades. RSI reached the overbought zone, and we should be ready to see a pullback. This pullback will be used for selling. New buy opportunities will come from SMAs, support zones based on reversal signals.
I would like to trade like this, if we talk about the swing trading based on the 4H timeframe. And what is your plan? Share in comments.
Disclaimer!
This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.
إخلاء المسؤولية
لا يُقصد بالمعلومات والمنشورات أن تكون، أو تشكل، أي نصيحة مالية أو استثمارية أو تجارية أو أنواع أخرى من النصائح أو التوصيات المقدمة أو المعتمدة من TradingView. اقرأ المزيد في شروط الاستخدام.