Gold, finding for a retest or strong short signal

Nov 8

Not much bull now, but I want to wait for a retest or one more good signal to re-enter my short.

Nov 8

Trade active

Added Short at 2690

Nov 8

Note

2679 is my major support now

Nov 8

Note

The volume profile shows lower levels of trading volume as the price drops, which may indicate the absence of significant buying interest at current levels. This pattern could further support a bearish continuation until a major volume node or significant support is hit.

With the price moving downward, observe whether the selling volume increases on the next few candles. An increase in volume while breaking key levels would confirm bearish intent.

Bearish Continuation: If the price remains below 2,687.7 and volume increases, a further decline to test lower levels at 2,679.0 and potentially 2,670.5 is possible. Keep an eye on any bearish candles with high volume, as they would reinforce the move.
Bullish Reversal Attempt: If buyers step in near 2,687.7 or 2,679.0, a retracement could test resistance at the EMAs and the 0.764 retracement at 2,693.06. Failing to reclaim 2,696.2 would likely keep the bearish bias intact.

Nov 8

Note

Cuz we a in a support level, I just added trailing stoploss to keep profit positive.

Nov 8

Trade closed manually

traling stoploss reached with profit

Nov 8

Note

I reenter the short at 2685

Nov 8

Note

Below 2690 and below MA100. the bear still in control

Nov 8

Note

below 2680, bear would totally control the market.

Nov 8

Note

and breakdown 2678 is a good signal, I will add more short and target to the wave 5-circle down.

Nov 8

Note

2687 is the key, bears want to keep this level

Nov 8

Note

Closed all trade at 2687.

Nov 11

Note

Downtrend Structure: The chart shows a series of lower highs and lower lows, indicating a bearish trend. The 50-period moving average (in blue) is sloping downward, adding to the bearish sentiment.

Volume Analysis: Higher volumes during the downward moves suggest strong selling pressure, while lower volumes during minor rallies indicate weak buying interest. This pattern supports the continuation of the downtrend unless significant buying volume emerges.

Potential Reversal Signs: If the price can break above the moving average and sustain above the resistance levels (2,678-2,690), it could indicate a potential trend reversal. However, as it stands, the downtrend remains intact until a clear breakout occurs.