FX.co ★ Happy-Trader | CRAZY-TRADER TRADING JOURNAL

CRAZY-TRADER TRADING JOURNAL UPDATE ON GOLD If intraday its position still gets support above the SMA5 and SMA10 curves in the H4 time frame, then it has the potential to lead to the dynamic resistance of SMA50 and SMA200. Especially if it succeeds in overcoming the SBR area at a price of 2644.43. Where this potential has the opportunity to form an inverted head and shoulders pattern. Meanwhile, if rejected below the resistance above, it will cause a new lower high. So it has the potential to pursue a new lower low by continuing the decline to the third projection of the inside bar pattern at a price of 2574.32. At the same time, it will open up opportunities to lead to the next projection at a price of 2532.13. Based on this description, the trading options that can be prepared for gold are as follows: A buy option is prepared if the position still gets support above the SMA5 and SMA10 curves in the H4 time frame until it bounces again above the second projection of the inside bar pattern in the same period at a price of 2616.51 solidly. The target is placed around the flip area at a price of 2642.97 to 2644.43. A reentry buy is prepared if it successfully penetrates the resistance solidly. The target is placed around the dynamic resistance of SMA50 and SMA200 in the price range of 2687.00. A sell option is prepared if the position slips again below the SMA5 curve in the H4 time frame solidly. The target is placed around the third projection of the inside bar pattern at a price of 2574.32. Another sell option is prepared if the increase is rejected below the SBR area at a price of 2644.43. The confirmation is if the position has been pressed below the SMA5 and SMA10 curves in the H1 time frame solidly. The target is placed around the second projection of the inside bar pattern in the H4 time frame at the price of 2616.51. Looking at the trading session in the last two weeks, the market conditions have again experienced a very deep downward movement. If we review the early month's trading, there is something we can review, especially the bearish attempt at Gold prices which appears to be very deep leaving the highest price zone. The price decline certainly also has an impact on subsequent trading decisions where before the price experienced a bearish, last week there had been a market consolidation condition. Last October's trading, the market trend seemed to be dominantly moving in a bullish trend and moving quite actively, but that did not apply after entering November's trading. In accordance with my estimate that the next trend might go down again.

The movement that occurred in today's trading has not been fluctuating since the bullish trend started at the beginning of the week getting lower. There has been an effort from sellers to dominate the market. Of course it is very good if we consider again to follow the market conditions in the last few days where there is a chance of falling because previously failed to continue the upward price trend. Seeing the movement of the candlestick which is still quite comfortable moving near the demand level of 2589.63 so that there is an indication of the possibility of a bearish trend that will continue if the seller can break out the support level. This week in the Gold market, I am still trying to always be optimistic about the bearish market opportunity because the candlestick has moved down in a bearish pattern without significant resistance from buyers so there is a possibility that the market is still controlled by sellers.