Hey Traders, I am seeing some good setups on Gold 0.55%right now and would like to share with you how I plan to trade them. I have 3 Support and Resistance lines that I believe to be important price zones for Gold 0.55%. I am using these price levels to gauge where price is likely to go next. These support & resistance lines (zones) is where I will be looking for my entry signals. I have four possible setups that I am looking to trade.
1) Breakout above resistance followed by a retest. If price breaks above resistance & then holds as support (retest), I will look for my entry signals.
2) Breakout below support followed by a retest. If price breaks below support & then holds as resistance (retest), I will look for my entry signals.
3) Support (shown on chart below) holds as support and creates a Double Bottom , at this point I will look for entry signals.
4) Resistance (shown on chart below) holds as resistance and creates a Double Top , at this point I will look for entry signals.
I have attached an image of setups 3 and 4 below but I have also shared a separate idea with an interactive chart. That idea is called "Gold trading setups, What to look for & how to trade them"..
I will link the idea below in the related ideas section.
I will update this idea if one of these setups do occur. Comment below with any questions you may have regarding these setups & feel free to share your charts and analysis below. Thanks traders & good luck trading!
