Gold at a glance
the following is a weekly chart of gold
with this cycle being one where we might reach a market bottom much less obvious than typical(=wash out,news event,obvious level) it makes most sense to step in with size rather at the end of a turning point with confirmed trading.
nevertheless, thanks due to the quad exit we can still try besides shorting the markets to step in conservatively at stacked edges time or price points
such a point has been reached last week and I stepped aggressively up to the plate with entries precisely at the lows of the weekly green candle
Do I think that we have seen the lows in Gold? No.
Luckily I do not need to know the future since we already cashed in ample profits and the risk reward ratio for this trade is generous to say the least
We established multiple positions and as much as fundamentals point in their probability rather towards further declines, there is also plenty of edges that would allow for a reversal and follow through:
1. price within a high probability buying zone
2. Price retracement of 50% measured by Fibonacci analysis of the up trend leg from8/13/2018 to 8/3/20
3. Four leg completion of the highs from 3/7/22
Investors trading confirmed entries will find opportunities to do so in the upcoming week
depending on price action and overall market behavior, reload points might also open up within the next 10 days