Price action is the Key.
Use Ultra high volume setup/condition for additional confirmation purposes only.
A combination of Daily and Hourly time frames works well.
Highly recommended only if the Daily time frame is Trending.
Lower time frames say less than the hourly chart gives the confused or mixed-signal, so it is recommended to use for overnight...
Gold monthly time frame at golden fib., level 61.8% .
Weekly time frame forming Descending triangle pattern .
Can trade in the direction of breakout of triangle pattern..
If breakout on the top, target will be 2035$ ~ High probability.
If breakout on the down, target will be 1300$ ~ Low probability.
Note Supply and demand levels..
Weekly (Buy trend correction) formed a Doji candle.
Daily (Sell trend).
if closes above 70.16 in daily, it will be sign of trend reversal..
If not it may fall further to test the weekly demand range 61.5 -63.8.
Higher time frame view.
After testing the top of major Supply range, market gave a quick correction and started following the trend in daily Tf..
Market is still inside the supply range of Higher timeframes.
Follow the 4H/1H for further movement.
Key Supply & demand ranges marked.
Think and trade in probability.
This Information is for Educational purpose only.
For Positional traders attention..
In Crude oil, major crashes are started in July months.
Follow the Daily Time frame Price action for the further trend.
Trading Journal is the only key tool to develop your strategy by time, by reviewing & not repeating the same mistakes again.
Here i shared my Simple Trading Journal (Format & Example) for your reference.
Keep Journaling & Never Stop Learning.
Think & Trade in Probability.
Note: I Personally use Google Keep to JOURNAL & REVIEW my trades.
Scenario 1: Market until above the demand range
Go for Buy while testing the demand range with confirmation in 10 / 5 mins chart.
Scenario 2: Close below demand range
Market may go for a small correction / consolidation, then again Up only.
Higher Time frame view,
Learn from Mistakes.
Think & Trade in Probability.
Monthly TF at Major Supply range.
Weekly TF trading between a range, currently formed Bearish divergence.
Daily TF formed a New low on Thursday, sign of Downtrend.
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In DAILY TF, Can expect fall after testing SMA 20 / Fibonacci Retracement level of 61.8%.
Target levels 62$, 59$ & 57$..
Follow with 4H /1H TF for more confirmation. (These...
Major Corrections or Crashes are happened only in January or March months.
Everyone knows this, even though i just had a thought to share the knowledge.
Think in Probability, Trade based on your Financial goals and Risk tolerance.
Gold Is an AGGRESIVE One.
Be Cautious while trading..
Share your views & comments.
Always have Multiple Timeframe analysis.
May go for correction and then long.
Think in Probability. Trade based on your Financial goals and Risk tolerance.
Study the pattern / refer link above..
As the pattern is a sign of high volatility in the market which traps bulls and bears..
Just follow the 1H for trend .. always have a multiple time frame analysis.
Share your views..
Think and trade in probability..