XAUUSD | Perspective for the new week | Follow-up details
Updated
In anticipation of the NFP result on Friday, Gold plunged to about 50% retracement of the bullish momentum that started the week but still posted a second straight weekly gain as price action evolved into a reversal pattern just around the bearish trend line identified on the daily time frame. The current structure screams a possible downtrend continuation but I am very much open to the possibility of a bullish continuation after considering the last week's activities.
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Margin trading in the foreign exchange market (including commodity trading, CFDs, stocks etc.) is high-risk and unsuitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and I take no responsibility.
You are hereby advised to carefully consider your investment experience, financial situation, investment objective, and risk tolerance level, and consult your independent financial adviser as to the suitability of your situation prior to making any investment.
I do not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith.
Past performance is not necessarily indicative of future results.
Risk Disclaimer:
Margin trading in the foreign exchange market (including commodity trading, CFDs, stocks etc.) is high-risk and unsuitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and I take no responsibility.
You are hereby advised to carefully consider your investment experience, financial situation, investment objective, and risk tolerance level, and consult your independent financial adviser as to the suitability of your situation prior to making any investment.
I do not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith.
Past performance is not necessarily indicative of future results.
Trade active
The week has started with a strong bearish momentum but unfortunately, I missed this move. I have no choice but to wait for a second chance as price action is right on the $1,680 mark which is the major key level identified on the daily time frame.Good morning
Trade active
Price breaks below the major key level at $1,680 zoneTrade active
Moving stop loss to secure positionTrade active
1,400 pips in profit; securing the positionGood morning
Trade active
At a critical position at the moment as price-action is caught within a channel of $1,675 and $1,672. I am looking forward to adding a position if the opportunity presents itself below the $1,670 level.Trade active
taken out of the previous position with approximately 1,000 pips as the price returned to the entry zone at the $1,680 level to trigger a huge sell momentum. I sincerely missed this move; just woke up from a short nap. Did you catch the move?Update coming soon as I want to see how price relates with the $1,666 area
Trade active
UPDATETrade active
Though the second entry was taken out yesterday but selling tendencies still remain as the price continues to trade below the key level of $1,680 since the beginning of the week. I am not thinking of buying unless the price breaks out the important key level at $1,680.Good morning
Trade active
Bearish signal for a potential third and fourth position establishedTrade active
TP target hit with 3,500 pips. Update coming soonTrade active
After thinking that I am done for the week; another trading set-up appears to be sending a bearish continuation pattern. Remember, that price rejected the key level @ $1,680 level to incite a strong bearish momentum during the New York session today to hit the TP target of the previous sell position. I am of the opinion that since price continues to trend below the major key level, the seller appears to still be present so I will be using below the $1,665 level as a yardstick for another selling opportunity.Trade active
re-adjusting entry; selling breakdown/retest of $1,666. I hope the market presents an emphatic bearish continuation today.Good morning
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UPDATE:Securing position
Trade active
UPDATEOver 2,000 pips in profit; securing the position
Trade active
UPDATE2,500 pips in profit; securing the position
Trade smart. Trade consciously
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