XAUUSD USING SLK STRATEGY

I JUST TOOK A GOLD BUY TRADE NOW, LETS SEE HOW IT ENDS.

This is the progress of the trade, currently in loss. Still watching it

This trade hit stoploss.

BULLISH BIAS

Gold is pretty bullish and i will be on the lookout for buys. On daily timeframe, price is currently reacting from a V shaped key level for buys after a breakout to the upside had been formed.

I JUST TOOK A SELL TRADE ON GOLD WHICH IS A COUNTER TREND TRADE. THIS IS SO RISKY BUT ITS WORTH IT.

WHY DID I CHOOSE TO SELL?

I chose to sell cos the Asian session liquidity that should sponsor the buy has not been taken. The Asian session is denoted with the light blue box on my chart.

I have been stopped out of this trade.

Please what do you mean by "Asian session liquidity has not been taken" ?

Maybe the poster is trying to say price has not dropped till the low of the Asian session but it is not a given that price must drop to the Asian low everyday. So taking a trade based on such as assumption is too risky.

Oh, i meant the low of the Asian session.

Yeah, you are right about this but personally i love it when the Asian session liquidity is taken. It gives me more confidence to trade either the London or New York session.

I just took a short here on Gold.

Gdmrng, ps what is the short based on? Any analysis?

Almost at Tp.

On the 4hrs timeframe, previous 4hr candle high was swept and the low of that same candle is still standing. In other words, i will be looking for entries to take out that low still standing.

On 45mins, there was a breakout to the downside to confirm what we saw on 4hrs timeframe. Then i executed immediately cos I already missed the first entry.

It was a good trade you took shorting gold, its massively dumping

I will be closing my short here. That will be all for the week on this pair.💃🏼

Yh, I just saw it the moment I came to the chart. I executed immediately

SUMMARY OF TRADES TAKEN THIS WEEK

I took 4 trades on gold this week, you can check the thread to verify. 2 trades were wins and 2 other trades were losses. It was a good week for me. See you next week by God’s grace.

Here on the weekly timeframe, we are still bullish. The sells are just retracement I believe.

The daily structure isn’t aligning yet with the weekly structure. We had a breakout to the downside here which signifies a sell. Well, I will keep my eye on it.