I hope you all checked our last blog where I mentioned three levels 2343,2355+ and in that we also pointed out that if market hits the zone of 2343 to 2355 as long those days recommended when ever any pull back should be coming then wait for smaller time frame (1 minute) or max on upto15 minutes chart till shift momentum take place don't trade going ahead. On the 1 minute time frame, I profit from sl 23.72 with entry 2370 and TP:2356 yesterday This was due to the daily candle storming through strong bearish momentum, and we expected a retest of 2433 on Wednesday.
Current Market Structure
So, if the market develops a structure like that again then as I mentioned previously wait for a retest. At the moment, this area may be touched by price. Breaking 2371-76 the market is likely to try stop at 2393. This signals a return retest of the structure, and if so then 2366 should be printed subsequently (market will not fall lower). I am talking about the XAU/USD and, as always (it's me), I will show you where to expect bulls or bears once this area begins to break.Reference: If all of it breaks - check with 1!,2!3.
Trade Recommendations
I would advise against trading in the period prior to the news. So we waited for the news like yesterday and then set me up in all my criteria to take a trade. This prudent approach hedges risk and increases the probability of a profitable trade.
Entry Point Hell: Yesterday, I got in at 23.72 with a stop-loss of 2370 and TP to the short side from Support by Resistance off leverage on an m1 scale; it worked out well for me ambitious rutty chap for licking his chops... While the daily candle had to be tested for 2343 as there was immense bearish momentum.
Market Condition: If the market now does this structure, let it retest. Above 2371 to 2376 and the market is heading right back up to test structure at around a retest of tomorrow highs, high odds on getting there. Otherwise the market is capable of slumping as low 2366. Follow to monitor numbers 1,2 and 3 structures for further assistance.
Trading Before News: NEVER trade before the news. So we waited for the news yesterday and when all entry criteria aligned, I made a trade. This method will minimize risk and allow the requirement to be fulfilled before entering into trade.
By implementing these strategies and watching the market, you will be able to trade better allowing for a higher probability of winning. But one thing you should always remember is to allow the market meet all your entry requirements before executing a trade especially when it comes to news releases which can be highly volatile.
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