Currently I am monitoring a few pairs, but the Gold has the most potential at this point, so for this week I am posting my plans on it. At the end of last week the price reached a strong Weekly and Daily from where it previously bounce 2 times:
- First bounce was in April this year and the price dropped with 777.5 pips
- Second bounce from the same area was in June and again the drop was 861 pips
Now the price of the Gold reached the for the 3rd time this year and last week it moved away from that level giving us information that this is still strong and we might expect to see another drop down in the price. Since we are in a tough for trading month in the face of August, I expect some range formation between the and the beginning of our Sell Zone 1, so it will probably take some more time for the plan to develop.
As always I have made my plan on the H4 time frame and I will post Live Signals based on this plan on our Twitter page. The trades will be opened on the M30 time frame, so follow us on Twitter and don’t miss a possibly good trade. I will also update the idea here with comments.
Remember the first and most important thing in trading the markets is “PATIENCE”. So wait up for a development and don’t rush too fast on this plan.
Below you can find the Sell zones:
Sell Zone 1: 1281.7 to 1260.9
Sell zone 2: 1259.4 to 1242.4
I have also added a possible M30 trend stop area, which will be a watchout level if we open any trades. The area is between 1268.4 and 1266.6.
I wish everyone a profitable week and stay tuned for more plans/analysis if I see any good opportunities. :)