GOLD : Market’s Overview

GOLD : using ICHIMOKU KINKO HYO, we see that the pair (XAUUSD) is making an upward correction on the H1 TF. I would wait patiently for the upward correction to finish and when I see a Bearish candlestick forming on H1 TF, I’d switch down to M30 TF and look for the following Short Entry (SELL) Criteria to be met :

1. a Bearish M30 Candlestick close below Tenkan Sen and Kijun Sen
2. Both Lines, Tenkan Sen and Kijun Sen sloping Downwards
3. Chikou Span moving below past price action going straight down
4. The Lower Edge of the leading KUMO sharp pointing downwards.
5. The Upper Edge of the leading KUMO curved/sloping downwards

If ONE Criterion is not met, STAY OUT and WAIT!

Would place my SL above the KUMO on M30 TF or above Kijun Sen plateau and trail it from there above each new KS Plateau.

TP Target at 1091.93 and we’ll reevaluate our position as soon as price gets there.

Happy pips!


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