Could'nt share this Trade setup earlier as I had a really busy week, I am currently riding the short.
Big Time Frame Analysis (Daily - Weekly): Price hit major Supply at 1500 region and shows many indication of reversal patterns. We might really hit gold here since its the start of the downtrend.
Trading Time Frame Analysis (M15 - H1 - H4: Head and Shoulders completed. Bullish Bat completion at 1420 region. More Sell Zones are formed as price ease from 1500.
Possible Trade Setups: 1) Get on the Short on pull backs. Potential profit taking to hit at least 1420, good ROI
2) Wait for price to reach the Bullish Bat Completion at D and enter Longs, aim for small profit. Why small profits? Always refer back to the BIG PICTURE! This is what it means by Trade with the TREND.
3) Both Long and Short setups for more advance traders who can switch buying and selling intention just like that.
Do like and share this post. I use a combination of trading strategies such as Supply & Demand ( SND ), Harmonics Patterns, Multiple Time Frame Analysis , Candlestick Analysis to name a few. Follow me if my trading style suits you as I will be posting new trade ideas and analysis regularly.
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I got in again at 1484 after exiting my earlier position (shorted at 1488 previously). This is one strategy to consider when you want to build your position on a big time frame move.
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I am letting this trade play out as per initial analysis.
1) Bearish Formations of the candles 2) Looking for the move from Point C to Point D to complete the Bullish Bat Pattern 3) Huge Profit Potential on the downside
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I hope you guys took this trade... Analysis was spot on and I have been taking profits and re-entering my shorts to build positions.
if we see a solid bearish candle close here, its heading to TP2 soon.
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Trade still active guys.... :)
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I took another short above 1500 aiming for the home run to TP2.
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Those of you holding this Gold Short, I am aiming for TP2, 1464-ish area.. Sometimes it takes a while for the trade to mature, most brokers pay Swap interest for holding this Short anyway, so its ok to swing it ;P
(Yes, I take into account everything when trading - broker's spread/comm, swap interest, margins etc.. Don't just pass it off as the so called "cost of doing business" that many people out there been telling you)