/GC Breakdown of Range - Trading Plan
Context:
Daily - Sell
4H - Sell
The market broke out the range for the previous 3 days. There appears to be a lower high made on the HTF daily so market is clearly in a downtrend for gold now. Shorts are more likely to pay. The daily closed beneath 2903 4H Pivot and new supply has entered at 2918.
2904 - Looking to fade any buying going into this level. Price must be firmly underneath this level for shorts. Target 2880 area.
A scenario could play out where there has been deviation beneath the range. Then 2904 would be a level to long. However, give the HTF structure this is not something that I would prefer trade.
2880 - watch for acceptance and wait for MSS in 5m/15m to enter into trade. The long trade isn’t ideal but there may still be juice to squeeze. Target back at 2903. However, I’m not too confident on this level holding given the HTF bearishness.
If the market blows past level, look to sell any pullbacks into the level. Target 2885.
Daily - Sell
4H - Sell
The market broke out the range for the previous 3 days. There appears to be a lower high made on the HTF daily so market is clearly in a downtrend for gold now. Shorts are more likely to pay. The daily closed beneath 2903 4H Pivot and new supply has entered at 2918.
2904 - Looking to fade any buying going into this level. Price must be firmly underneath this level for shorts. Target 2880 area.
A scenario could play out where there has been deviation beneath the range. Then 2904 would be a level to long. However, give the HTF structure this is not something that I would prefer trade.
2880 - watch for acceptance and wait for MSS in 5m/15m to enter into trade. The long trade isn’t ideal but there may still be juice to squeeze. Target back at 2903. However, I’m not too confident on this level holding given the HTF bearishness.
If the market blows past level, look to sell any pullbacks into the level. Target 2885.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.