trading plan for gold: structure trade with confirmation

10 באפר׳ 2019

hey guys,

watching gold on a daily we see that the market is approaching a significant level of resistance.
on lower timeframes, we see that the market is trading inside a rising wedge pattern,
and we see a steady volume contraction as the market becoming closer and closer to resistance.

your plan for gold is to wait for a bearish breakout of a rising wedge - it will be a good confirmation signal.
as the market closes below the support line of the wedge,
sell it with your target based on structure around 1288

good luck!

10 באפר׳ 2019

הערה

attempt to break the wedge

10 באפר׳ 2019

הפקודה בוטלה

Market sets new higher high
The order is canceled

Once again very good lesson on trading structure with confirmation,
Being an aggressive trader, you would sell the market as it reaches the resistanc, while trading with confirmation we were waiting for bears to confirm the strength of the structure.

The market continues upwards, there was no confirmation so we just look for another opportunity