GOLD - My Trading Plan in a picture!

18 thg 8, 2022

Hello TradingView Family / Fellow Traders. This is Richard, as known as theSignalyst.

on DAILY: Left Chart
GOLD is sitting around a strong support zone so we will be looking for buy setups.

Knowing that GOLD can still trade lower inside the support or even break it downward.

That's why we don't buy blindly, we always zoom in to lower timeframes and wait for the bulls to take over.

on M30: Right Chart
GOLD is forming a channel in red but the upper trendline is not valid yet.

So we will be waiting for a third swing to form around it to consider it our trigger swing.

Trigger => waiting for that third swing to form and then buy after a momentum candle close above it.

Meanwhile, until the buy is activated, GOLD can still trade lower.

Which scenario do you think is more probable and why?

Always follow your trading plan regarding entry, risk management, and trade management.

Good luck!

All Strategies Are Good; If Managed Properly!
~Rich