Gold Trading Setup
Gold Trading Setup
by: Colibri Trader
Hello everyone,
The trading setup from last time was USDCHF. It has started to show some potential for going higher. A lot of the sellers have left the battlefield. Now it is up to the buyers to decide the destiny of that currency pair. From a price action point of view, it looks like there is more room for a bullish move. 0.97500 looks to be the next resistance area, where more sellers will try to push the price down
Gold Trading Setup
Today’s trading setup is coming from gold. I will be extra careful with this one, because of the general downtrend. The second reason why I would be careful is because there is another major support level that still has not been touched just below 1200. On the other side, there is a price action trading setup that has formed on the daily. There is a pin bar that formed on the interim support level at 1215. What I will be looking for in the next trading session is an intraday rejection of the 1210 area. This will give me a more affirmative sign of a potential upward move. A hypothetical target could be 1220 and then 1230 depending on price action. Ultimately, the price might go up to 1300 if it manages to clear all barriers in-between.
Happy Trading,
Colibri Trader
p.s.
Check out my Candlesticks Article (+Free E-Book) if you have not already
Hi colibri,
I had these S levels marked on my chart, 4 hr RSI is +div as well must / seems to be close to a turning point.
Some strong buy orders have gone through @ 1211 or they could be short covering in any case that is a good sign too.
Of course awaiting confirming bearish rejection signals.
Hi Dan,
so far I am not seeing any rejections or confirmations, so am getting a bit sceptical about this setup, but let’s see. Time knows better 🙂
hi dan and colibri,
talking about time, i usually wait for 3 daily bars after pin bar or engulf occured before opening a position.
btw colibri, u have much knowledge about financial instrument, i saw binary option thing yet still can’t understand how it works.
ever thinking of adding strategies or teaching like options etc?
thanks,
harry
Hi Colibri,
I have to see the desktop version to view the chart, it doesn’t show on mobile version.
-Harry
Hi Harry,
I can clearly see on my side
Hi Colibri,
Did you get in long ?
I am short Yen and Oil, lost focus on gold and didin’t want to be too extended.
There was a nice head and shoulder reversal pattern on the 4 hour.
You could also say a cup and saucer pattern at the end as well same 4 hour.
Anyway some hindsight trading at it’s best.
Hi Dan,
Yes- that was a good setup. Although I have written an article on these patterns, I am mostly using price action and this was a great setup according to price action. I managed to get in two positions. It was actually another text-book example of a great trade. If you go to the 4H chart using my trading strategy, you will see what I mean.
Hi Colibri
This would have been good to be in, but has gone too far now, never chase right :!
Yes, once it is gone, it is gone… wait for the next one:) on top of it, it is close to a resistance area