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 , at this point I will look for entry signals.
4) Resistance (shown on chart below) holds as resistance and creates a , at this point I will look for entry signals.
I have attached an image of setups 1 and 2 below but I have also shared a separate idea with an interactive chart. That idea is called "Gold Analysis, Where Gold is Heading Next & How to Trade It"..
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!
My entry was 1260.00 & my target was reached at 1250.00. This was another great small quick trade! I was still looking to trade the double bottom as shown above but Unfortunately I was not able to get filled on that trade!