Gold Long - I think it's a FAKE break, You?
Updated
For the past 8 day candles, the price closed with higher lows.
But alas! the ninth candle which we are seeing right now breaks out from the streaks.
Now, I wanna avoid the complicated stuff and just dive into 2 simple decisions:
1) The price is breaking below the range, the dollar is still climbing and so is the US stocks market. Imma gonna wait for a clean break, wait for a retracement, and go in for a short.
2) The price is breaking below the range, but heck! This could be a fake breakout just for institutional to go in for the long cheaper. Imma go for a long once the downside is settled.
Oh, there's a third choice by the way: Heck this! I don't wanna get involved in this shet anymore. Imma OUT.
For me, I choose (2). I am ready to take the risk here. The RRR is so attractive in this case so it is worth the bet.
I strongly believe that the dollar and the US stock is way overbought, and the structure of the gold points clearly to the upside.
As traders, we make our own decision systematically(trade what you see) and sensibly(manage risk and only take trades that's valuable).
But alas! the ninth candle which we are seeing right now breaks out from the streaks.
Now, I wanna avoid the complicated stuff and just dive into 2 simple decisions:
1) The price is breaking below the range, the dollar is still climbing and so is the US stocks market. Imma gonna wait for a clean break, wait for a retracement, and go in for a short.
2) The price is breaking below the range, but heck! This could be a fake breakout just for institutional to go in for the long cheaper. Imma go for a long once the downside is settled.
Oh, there's a third choice by the way: Heck this! I don't wanna get involved in this shet anymore. Imma OUT.
For me, I choose (2). I am ready to take the risk here. The RRR is so attractive in this case so it is worth the bet.
I strongly believe that the dollar and the US stock is way overbought, and the structure of the gold points clearly to the upside.
As traders, we make our own decision systematically(trade what you see) and sensibly(manage risk and only take trades that's valuable).
Order cancelled
In less than a couple of hours, the situation changed drastically.There's no sign of 'settling down' on the downside.
The dollar remains strong despite a pinbar(Day chart) was formed yesterday.
The Nasdaq continues to stay above the 55ma for the second day.
If the tide is no longer in favour, just give it a miss. There's plenty of opportunities to trade anyway.
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