Trading Journal #21: Gold's attempt to break the resistance zone
Important Notes:
- I update the zones of my tradingview charts every morning.
- I make daily zones (green boxes) and 1h zones (blue boxes).
- I am a scalp to swing trader. I often look at the following timeframes: 15m, 1H, 4H, 1D.
- I only observe/trade two Forex pairs: GBPAUD (British Pound vs Australian Dollar) and XAUUSD (Gold vs US Dollar).
- I journal both my losing and winning trades.
- I don’t claim myself as a guru. I am still working on refining my strategy. Thus, whatever you read here shouldn’t be taken as a piece of financial advice.
Note: A zone is a premium price area in which no one wants to give up the price. Zones usually serve as strong areas of support and resistance. Therefore, the price is expected to move from one zone to another.
It's been a while since I placed a trade. Life just happened and I have to prioritize more important things.
I placed a trade minutes ago. This particular trade is still floating but let me just share it here.
Gold vs. US Dollar
XAUUSD on 4H timeframe
Gold is on its second attempt to break this resistance zone (blue box). There may be a strong buying momentum a few days ago, but such momentum is starting to lose on lower timeframes. So I placed SELL and set my TP on the breakout point as there's also a great chance that the price will retest such area before going up once again. I also set my stop-loss at the back of the zone just in case I have a wrong bias.
PS: The reasons why I am having this online journal can be found here:
Officially Documenting My Trading Journal Online
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