XAUUSD Trading Analysis

@Colibritrader

Dear traders,

It has been a very fruitful trading week.

I was thinking of taking a long DAX trade last week, but I didn’t since price is so close to the major resistance level at around 12980-13000.

I was that close of taking a long trade, but then my trading rules “prohibited” me from taking it.

We might or might not see a break through this resistance level, but for the time being, unless I see a bearish signal to short DAX above this supply zone, I would prefer to stay on the sidelines.

On the other side, USDJPY still looks bearish. I might actually decide to add another short trade is I see price going higher and then forming a bearish pattern.

Until then (if that happens) I will stay with my current short trade.

XAUUSD Trading Analysis

I am seeing more bullishness from this instrument.

I reckon Gold has a long way to go higher and next week might be just the continuation of that.

There is a bearish rejection candle on the daily chart and this bodes for nothing else but bullishness.

I will be looking at the 4H chart and see if I have a potential setup to go long.

If not, I will just stay on the sidelines and explore new opportunities.

Trading is great and so is the ability to be patient and not overtrade!

Stay calm and count your pips 🙂

Happy Sunday,

Colibri Trader

p.s.

Have you read my recent article on the SAR?

 

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