Weekend wrap-up, ideas for next week

19 ก.พ. 2023

Last Friday, we received confirmation on our long position on gold at 1823, which yielded very fruitful results! Over the weekend, we have to plan systematically for next week's market. From the daily chart perspective, the Friday closing price formed a single-pin bottom candlestick, with the MACD momentum indicator also showing decreasing volume of green bars, indicating an overall bullish outlook. Therefore, for the ultra-short term strategy next week, we should try to follow the viewpoint of the longer-term cycle.

When there is a bullish signal, we can be more aggressive in going long. Even if there is a temporary loss, we can still recover in the long term by controlling our position size.

When there is a bearish signal, we should remain cautious and try to minimize our trading activities. If the signal is strong, we can try a small position with a set stop-loss and take-profit level.