Hello guys,
I want to share with you my view on GOLD.
As you are already aware, Gold is in a big UPTREND on all the big timeframes, but it needs to correct. Speaking of, looking at the 4H chart the price already started a pullback and right now is consolidating for another drop. I am expecting this correction to develop in a similar manner with the one highlighted with the orange arrow
I will check out the price action and look for a bearish reaction at the FVG level highlighted on the chart in order to make an idea about the momentum.
If the price moves sideways around that area, I will avoid trading it and will wait for a strong bearish impulse followed by a correction because it can continue to go up. That would be my confirmation and I would only be interested in the sell setups. I will not get engaged in any buys from this level.
Rember: NO SETUP, NO TRADE!
Trade with care!
I want to share with you my view on GOLD.
As you are already aware, Gold is in a big UPTREND on all the big timeframes, but it needs to correct. Speaking of, looking at the 4H chart the price already started a pullback and right now is consolidating for another drop. I am expecting this correction to develop in a similar manner with the one highlighted with the orange arrow
I will check out the price action and look for a bearish reaction at the FVG level highlighted on the chart in order to make an idea about the momentum.
If the price moves sideways around that area, I will avoid trading it and will wait for a strong bearish impulse followed by a correction because it can continue to go up. That would be my confirmation and I would only be interested in the sell setups. I will not get engaged in any buys from this level.
Rember: NO SETUP, NO TRADE!
Trade with care!
Commento:
Yesterday we made a deeper pullback and as it stands we might get a bullish move towards our FVG area.
