Yesterday, the big D1 down bar of Gold appeared after H4/H1 (and lower timeframe) buyers were feeling super excited about the breakout of the Strong Resistance 1524. I believe that a lot of H1/H4 or even D1 traders bought after that false breakout and get stopped out. However, for me, a Day trader, I only see it as the top of a consolidation (even after it close around 153x) which means no buy should be taken. So you need to be very careful about your definition of breakout as different timeframe traders will see that moment of your breakout with different meanings.
Come back to my suggestion today, gold is still in consolidation which is in range of 1485 and 1525. So it is easy that we will sell after a big down bar from the top of consolidation. What I showed here is very simple, however, you guys need to think it as the most logical way as possible. Markets have it own rules, you need to prove you are following those rules, not making your own.
Come back to my suggestion today, gold is still in consolidation which is in range of 1485 and 1525. So it is easy that we will sell after a big down bar from the top of consolidation. What I showed here is very simple, however, you guys need to think it as the most logical way as possible. Markets have it own rules, you need to prove you are following those rules, not making your own.
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