Trading Journal #24: Gold's downtrend
- I update the zones of my tradingview charts every morning.
- I make daily zones (green boxes) and 1h zones (blue boxes).
- I am a day trader. I often look at the following timeframes: 15m, 1H, 4H, 1D.
- I only observe/trade one Forex pair: XAUUSD (Gold vs US Dollar).
- I journal both my losing and winning trades.
- I don’t claim myself as a guru. I am still working on refining my strategy. Thus, whatever you read here shouldn’t be taken as a piece of financial advice.
Note: A zone is a premium price area in which no one wants to give up the price. Zones usually serve as strong areas of support and resistance. Therefore, the price is expected to move from one zone to another.
This is the trade I took two days ago:
XAUUSD on 1H timeframe
After seeing that the price failed to break the resistance on the 4-hour zone (green box), I placed two sell orders. I set the tp on the nearest support and set the other one on the next support level. The two target prices were hit in less than two hours.
I'm still looking for the best setup to go short on gold. I have to observe the price for now and see where I could place my orders during market openings.
PS: The reasons why I am having this online journal can be found here:
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