XAUUSD TRADING ANALYSIS

Although I never expected it, at first I was thinking if there was a news release so I had to pause and check, but gold performance since yesterday is good, I will be looking for buys on pullbacks

Although I never expected it, at first I was thinking if there was a news release so I had to pause and check, but gold performance since yesterday is good, I will be looking for buys on pullbacks

Look at the chart image that significant movement, taking that high should actually count for it

Market is not concerned with your mistakes if you are wrong it takes from you and pay others, that's one fact that should be established, that's the Reason why I need a good pullback into demand, I don't want to scalp sells

If this 12hr candle close above that high at least it will be a good turning point for gold

It's base on the timeframe you are trading from, that is why I always do top down analysis on gold even if am scalping I can't take the trade on the particular timeframe I analysed from , check the chart image that is 1Hr if price gets to the demand I will wait for the reaction then get the confirmation there, then I will drop down to 5min and refine the entry level and then minimise the risk there, because the smaller the timeframe the smaller the risk because there will always be an SL in the lower timeframe after a higher timeframe confirmation

Are you sure this trade is 1:4RR?

Okay I have just seen your entry at 4042 and your exit 4141, sorry I didn't get it clear it was a bit complex

This was the same level I entered yesterday but on 1min timeframe, you really held for long, I just closed due to the up and down movement, not been stable on one direction

It will still pump today just to assess it well and join the buys when it starts

That level was just the key level for the buys, and I had the initial plan for sells, it missed then dropped down to that level they was when I decided to buy instead selling

I had two entries for the yesterday trade on gold but I closed the first entry before the second one

XAU/USD (H4) Analysis

From the chart, gold has produced a strong impulsive rally after holding a key demand zone and breaking above recent highs. Price is now approaching a major resistance area around the previous swing high, with the Fibonacci extension showing the 88.2%-100% zone as the next area where profit-taking or rejection could occur. Momentum remains bullish, but buying after such a sharp move carries a higher risk unless the market confirms continuation. Before buying wait for price to enter a demand level at 23.6 level of the fib retracement

When I am buying an upward trend, I just wait for a bullish engulfing to form within the trend then I join in, I dont depend on no indicator. Personally I would never take an entry based on an indicator

That is not an indicator, a fib retracement tool is not an indicator it is a very vital tool, that helps you get a pullback level right, so you don't buy on a shallow pullback and get stopped out, you are just checking the pullback level, it's not a buy Reason, when price drops to like 23.6 level then you can watch price action at that level and you buy, you don't just buy when price reaches there or set buy limit because the level is. 23.6 level okay, let me show you something I did yesterday , I drew the fib retracement tool, from the last leg to the upside, then I waited for price to pullback to a demand level @ 23.6 the gave a reaction on the 1min timeframe, sweeping liquidity and breaking above the recent lower high on 1min and that was my confirmation and I bought to the upside, you don't just take trade because there is demand it can fail it's just to get it straight at that level that when price drops to that point it's good to look for buys and even safer than when is at 50 or 61.8 level

Price is now bullish

The bullish momentum was really needed. Now we know price is ready to trend

Exactly, I'll be looking for buys now. I'm comfortable looking for buys now

That bullish break out was really helpful

Yeah the pullback will be helpful