Trading plan for a short scenario on Gold Futures
Today we have prepared a scenario for a possible future situation. The idea of this type of process is to show what we will be looking for in a bearish setup on Gold. This type of futures projections is useful to bring a solid approach to your trading system; why?. Because you will be waiting for the market to create a structure you consider worth trading instead of chasing the price from behind.
Let's start with our view:
-The major structure of the current situation is the descending channel; for now, that's the most important thing we should pay attention to in terms of "the big picture."
-Another key zone to pay attention to is the Support Resistance area, in which the price is moving right now. We consider that level as a critical area to look for clear formations
-We develop setups by looking at corrective structures and then for breakouts, towards the next relevant support resistance zone. That's the trading style we use.
-Based on that, we want to see a bullish movement that makes a new local high. IF that happens, we will be able to draw a structure (yellow dot lines). That will be our first filter
-If that happens, we will wait for the structure's breakout and a corrective structure on the key support resistance zone area. That will be our final filter
-IF all the previous items happen similarly, we will trade towards the next support (1714), as you can see on the Short setup.
Let's start with our view:
-The major structure of the current situation is the descending channel; for now, that's the most important thing we should pay attention to in terms of "the big picture."
-Another key zone to pay attention to is the Support Resistance area, in which the price is moving right now. We consider that level as a critical area to look for clear formations
-We develop setups by looking at corrective structures and then for breakouts, towards the next relevant support resistance zone. That's the trading style we use.
-Based on that, we want to see a bullish movement that makes a new local high. IF that happens, we will be able to draw a structure (yellow dot lines). That will be our first filter
-If that happens, we will wait for the structure's breakout and a corrective structure on the key support resistance zone area. That will be our final filter
-IF all the previous items happen similarly, we will trade towards the next support (1714), as you can see on the Short setup.
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