| Entry Point | Key Level | Projection | Stop Loss | |
|---|---|---|---|---|
| Gold | 1839.5 (Sell) | 1819.1, 1829.4 | 1774.9 | 1870 |
Commentary
This is my first Blog entry so forgive any mistakes. I have used the Fibonacci Analysis on a 15m time-frame, the key resistance levels to observe are 1819.1 and 1829.4. I will look at these levels closely and see how the market behaves. Once the market breaks these levels I will watch the main confluence zone at 1839.5, if the market test this level, break it and then comeback that would be my ideal entry point. I will go short at 1839.5 and then use my indicators from there. Lets see how the market shapes up as we all have to respect the market. Good Luck!....see you guys soon.
Gold Chart - Result time 17:15pm
Commentary
Hello!, The market has respected our Fibonnaci levels, the market has tested our main target zone at 1839.5 then bounced back to 1829.5 twice. Going short would have given us good profit, actually a ideal trade for swing traders out there. After bouncing back second time then it broke the level in third time and going for 1870. I have circled the area on the graph for you guys to see. I will be posting more trades so keep looking. take care :)
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