As Gold rebounds off of its lows I will be looking to start a short position as it enters the key resistance area (purple zone). I will stay patient to add most of the position on a final swing up to grab liquidity above the key zone and ultimately complete a bearish divergence. My short target is a macro golden pocket, the bottom of a macro parallel channel, and the next big support level on Gold. $1,575-1,550.
Use proper risk management and a stop loss and this could be a very profitable trade, good luck!
Below is a zoomed out image of the trade discussed, looks good.
Use proper risk management and a stop loss and this could be a very profitable trade, good luck!
Below is a zoomed out image of the trade discussed, looks good.
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I took a closer look and I changed my short entry to the middle of purple zone, and an add at the top of the purple zone. I was missing a simple yet important piece of TA.
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Still waiting... :)