Closing my Selling order / #32 Profits row / Sell order active

23 авг. 2022 г.

As discussed throughout my yesterday's commentary: "My position: I have engaged my Selling order with #1,743.80 as an entry point, Targeting #1,727.80 first then #1,700.80 mark extension."


I have closed my Selling order Intra-day (#1,743.80 - #1,730.80) as I didn't awaited my Target test (even though it was reached) and closed the order few points above near #1,730.80 extension. I have extended my results range to #32 Profits and #6 Stop-loss hits regarding April - August cycle. I will use this chance to congratulate Traders who followed my call and had patience to hold the order, well done!


Technical analysis: Gold is currently on one of the strongest Daily candles since July #27 (not on Daily % change) as the #1,727.80 (my previous Target which I announced lately many times throughout my commentary) session Low’s constitutes an ideal Higher Low’s to the emerging Hourly 4 chart’s Descending Channel. This means that the channel can now put the #1,700.80 - #1,707.80 Support level to test before further upswing. With Daily chart however critically crossed into Bearish values I maintain my final Target of #1,700.80 psychological mark. Remember when unsure of Gold's direction look always for the underlying correlations with the strongest instruments. With DX convincingly breaking the Medium-term Resistance cluster (# +0.72%) and Bond Yields in particular breaking the Daily chart’s Resistance (# +1.35%), Gold's Bearish Medium-term trend on Daily chart is maintained. What lot’s of Trader cannot realize and cope with is that as long as DX Trades on Higher grounds, the Bullish pullback is not sustainable. Gold still losses value more than DX gains, indicating an elemental Bearish trend. The Fundamentals of the Trade tension makes defining Technical entry / exit points extremely difficult as Volatility "noise" candles occur outside of the Technical channels. At this point it is essential to either choose a range to scalp or take a Medium-term position (what I did on my Short order). I personally remain Bearish under the Daily chart’s Selling action of the past several sessions which suggests that Trading may continue to be performed within the #1,700.80 - #1,707.80 belt. I have closed my order on #1,730.80 extension, taking into consideration that levels are Oversold and that the Price-action should engage mild correction (current Dead Cat bounce confirms the fractal) and now most likely if #1,750.80 mark is preserved, Gold will be pursuing #1,700.80 psychological mark.


My position: As I am Highly satisfied with my current Trading results, I allowed myself a risk and engaged new order with #1,742.80 as an entry point (Targeting #1,700.80 Selling extension). My Stop-loss is a bit wider at this time as I am pursuing #33rd Profit.