I dont have another ideas to share, from now i will share my daily signals or picks on my FOREX journey
So for today, we have GOLD to watch
I'm using 4Hour Time frame for analyzing and using 1H for entering the market
4H chart on GOLD
GOLD price now forming triangle pattern, there are 2 scenarios possibly can happen
For the upside break scenario
- Price break the trend line and close above ( Red line ) 1323 will targeting for 1327 ( First minor resistance ) and final target 1343
For the downside break scenario
- Price break the trend line and close below ( Red line ) 1311 will targeting for 1298
Placing and Exiting order
- Placing the order by using pending order on the break of the first candle that closed over or under the trend lines.
- Exit the order by using final target as take profit and if you can maintain to watch the chart lock when the price hit the first support / Resistance area.
Tips
- My strategy is using simple chart, more simple will give you more clear direction
- Locking your profit will saved you from loss
- Stop loss must be placed under/Over the previous Support and Resistance