A Look at The Week Ahead XAU/USD
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I've been taking a look at the gold chart maybe twice yesterday and another time today, and I think I may have missed a very important point of interest.
Seeing the chart, there are many confluences including 0.236 of current range also being the current breakdown region, as well as the 0.236 of the previous range corroborating with an order block at the prior high before golds run to 2400.
We have broken our higher high support low, therefore medium term I can say that I am slightly bearish. However, there should be some mitigation and gap fills after gold's immense drop (short term bullish).
That being said I am looking to find longs at the previous range 0.236, to the current range 0.236, and from there, I will most likely short for a continuation down move, however, the speed at which we reach my long target will determine if I remain bearish for the continuation short.
We need to adapt to the market, and at times, focusing on just the next step is better than trying to focus on the next 2 or 3 steps. Forecasts change, predictions are altered, and contradictions are high in the world of trading, but that is because it is imperative that we adapt to what the market gives us.
What the candle says today, will certainly tell a different tale tomorrow.
Much like a tired mind is different than a fresh mind, both the same minds, although the way the tired mind looks at things will certainly be different if you get some well needed rest and put that rationality cap on.
Touch some grass, get some sun, enjoy the weekend :)
Seeing the chart, there are many confluences including 0.236 of current range also being the current breakdown region, as well as the 0.236 of the previous range corroborating with an order block at the prior high before golds run to 2400.
We have broken our higher high support low, therefore medium term I can say that I am slightly bearish. However, there should be some mitigation and gap fills after gold's immense drop (short term bullish).
That being said I am looking to find longs at the previous range 0.236, to the current range 0.236, and from there, I will most likely short for a continuation down move, however, the speed at which we reach my long target will determine if I remain bearish for the continuation short.
We need to adapt to the market, and at times, focusing on just the next step is better than trying to focus on the next 2 or 3 steps. Forecasts change, predictions are altered, and contradictions are high in the world of trading, but that is because it is imperative that we adapt to what the market gives us.
What the candle says today, will certainly tell a different tale tomorrow.
Much like a tired mind is different than a fresh mind, both the same minds, although the way the tired mind looks at things will certainly be different if you get some well needed rest and put that rationality cap on.
Touch some grass, get some sun, enjoy the weekend :)
Ghi chú
In my last idea I did mention I want to see some structure form, but with my fresh mind today (I was quite tired when doing that analysis). I can see, I've got all the structure I need! So, this is my updated plan.Giao dịch đang hoạt động
Last night my order hit, let's see where Gold takes us, happy trading.Giao dịch được đóng thủ công
I secured 50% profit at 2417 and moved the stop to 2383 (break even). Although the take profits weren't hit, I was still able to secure some profits. Time to hunt for the next opportunity.
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