Gold: How to Trade Using Key Lines in Daily Chart
If we look at the daily chart, we will see the key uptrend and downtrend lines. These lines are important for the market and the price action at these lines will be able to give us good trade opportunities.
If we talk about trading based on reversal signal from these lines, we should use 5-15 minutes charts. The market will be able to continue the sideways movement and in order to get a workable risk-reward ratio, we have to use minutes timeframes for long and short trades.
If the price breaks these lines, it will give good trade opportunities in the hourly timeframes. We will be able to join a new price movement using the exact breakouts signals or reversal signals after retesting the broken lines. The breakout above the downtrend line will confirm the uptrend. As we have more space for the upward movement, this direction should be in priority.
All trades must be opened with stop orders and risk 1-2% per trade.
Disclaimer!
This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.
If we talk about trading based on reversal signal from these lines, we should use 5-15 minutes charts. The market will be able to continue the sideways movement and in order to get a workable risk-reward ratio, we have to use minutes timeframes for long and short trades.
If the price breaks these lines, it will give good trade opportunities in the hourly timeframes. We will be able to join a new price movement using the exact breakouts signals or reversal signals after retesting the broken lines. The breakout above the downtrend line will confirm the uptrend. As we have more space for the upward movement, this direction should be in priority.
All trades must be opened with stop orders and risk 1-2% per trade.
Disclaimer!
This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.
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