XAU/USD basic technical for Friday
This chart shows some zones that I am willing to take trades within.
My technical analysis is actually showing me that Gold is bullish but I don't feel comfortable buying Gold a with how it is at the moment.
I can see that it is now sitting within a weekly resistance zone meaning that buyers maybe closing positions and sellers maybe slowly entering their positions.
I don't like to trade Fridays so I may just use the chart to see if I am right, pretty much paper trading.
My strategy is based around 10 pip gains so bare that in mind. I like to have stops above or below previous 30 min candle depending on trade direction and then close almost all of position at 10 pips profit, move to BE and let the rest run.
Always focus on risk management with every trade. You must have a solid SL and then points on the chart where you will close of partials or even all of the position. Always try your best to not let the full SL get taken.
I realise this analysis is very basic and difficult to understand at the moment but I will post more in depth analysis in the future.
My technical analysis is actually showing me that Gold is bullish but I don't feel comfortable buying Gold a with how it is at the moment.
I can see that it is now sitting within a weekly resistance zone meaning that buyers maybe closing positions and sellers maybe slowly entering their positions.
I don't like to trade Fridays so I may just use the chart to see if I am right, pretty much paper trading.
My strategy is based around 10 pip gains so bare that in mind. I like to have stops above or below previous 30 min candle depending on trade direction and then close almost all of position at 10 pips profit, move to BE and let the rest run.
Always focus on risk management with every trade. You must have a solid SL and then points on the chart where you will close of partials or even all of the position. Always try your best to not let the full SL get taken.
I realise this analysis is very basic and difficult to understand at the moment but I will post more in depth analysis in the future.
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