[FOREX] Today ( 27-07-2016 )Trading Highlight ! GOLD analysis Inside

birdcat (48)in #forex • 8 years ago (edited)

I dont have another ideas to share, from now i will share my daily signals or picks on my FOREX journey

So for today, we have GOLD to watch

I'm using 4Hour Time frame for analyzing and using 1H for entering the market

4H chart on GOLD

GOLD price now forming triangle pattern, there are 2 scenarios possibly can happen

For the upside break scenario

Price break the trend line and close above ( Red line ) 1323 will targeting for 1327 ( First minor resistance ) and final target 1343

For the downside break scenario

Price break the trend line and close below ( Red line ) 1311 will targeting for 1298

Placing and Exiting order

Placing the order by using pending order on the break of the first candle that closed over or under the trend lines.
Exit the order by using final target as take profit and if you can maintain to watch the chart lock when the price hit the first support / Resistance area.

Tips

My strategy is using simple chart, more simple will give you more clear direction
Locking your profit will saved you from loss
Stop loss must be placed under/Over the previous Support and Resistance