! Not a financial advice - This is my trading diary ! It helps me think about my ideas.
After double bottoming at a .618 (März 8 / März 30), XAUUSD rallied, and it is now retesting at a weekly level. It is critical to notice that, even though it is rallying on the Daily, Gold is still forming lower highs, lower lows at the Weekly scale.
I would be looking for a short at the current level - 1900-1930 and see if I can ride a pullback towards 1800 -1750 - Where I would be interested in longing it.
If the price is closing in a daily candle above 1960-65, I would reconsider this idea, stop the entire position and search for swing longs on the next pullback (maybe to the same 1900 region). If it moves down to my first Target, I will move SL to the entry.
Let's see how it goes.
#gold #xauusd #trading #tradingidea
After double bottoming at a .618 (März 8 / März 30), XAUUSD rallied, and it is now retesting at a weekly level. It is critical to notice that, even though it is rallying on the Daily, Gold is still forming lower highs, lower lows at the Weekly scale.
I would be looking for a short at the current level - 1900-1930 and see if I can ride a pullback towards 1800 -1750 - Where I would be interested in longing it.
If the price is closing in a daily candle above 1960-65, I would reconsider this idea, stop the entire position and search for swing longs on the next pullback (maybe to the same 1900 region). If it moves down to my first Target, I will move SL to the entry.
Let's see how it goes.
#gold #xauusd #trading #tradingidea
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Trade closed