My humble opinion. Avoid Bitcoin, Gold and Silver in the order. Bitcoin should hit 60K,, Gold 2750 and Silver 29. Those cases if happen, will make many many people bankrupt.
Nothing is ever certain in trading but it appears correction may have finally begun. A close below 2882.50 would confirm to me. Also not more than a 50% retracement before that would be needed as well.
You seem to be one of the few newbies who is actually putting in some effort, so here are a few tips (for higher timeframes): There are many ways to approach the market. What’s important is that your method fits your own personality. Trading CFDs is fine, as long as you have a properly regulated broker (regulations vary a lot), and you spread your capital across multiple brokers (I don’t trust them that much). The gold market is more liquid than many global stock markets and is dominated by huge players. Therefore, it helps to approach it with the same mindset and tools that the big money would use, and then overlay your own setups (or system) on top of that. Otherwise, you’ll constantly be swimming against the tide. The reason I’m mentioning the above is because I’ve noticed that you’re not aware of the current location of the Gold price on the higher timeframes. Gold is at a key level after an extended run; therefore, it’s more likely than not that the big money will be taking profits at these key levels, and that gold should at least pause, consolidate, or revert to the mean. Look at the charts below and start building the puzzle to understand why Gold is now pulling back, and why the big money anticipated this in advance. The above is just an example of basic tools to help gain awareness of where key levels are, and to determine if the big players are getting ready to reverse the trend. Once you have situational awareness, you can begin analyzing the chart with price action (PA), or whatever method you use. Once again, there is no right or wrong way to approach the market, as long as it works for you. Just remember that the bigger timeframes always take precedence, and you should be aware of the price levels that the big players are watching. I know that you’re trading lower timeframes, but similar trading logic applies to intraday charts with few different nuances. It's important to get the direction right from higher time-frames, and then you can always fine tune discounted entries on lower timefreams.
Thanks for your detailed post I really appreciate it!! I am trying to trade in line with my personality (fast time frames) while still being aware of how the larger picture is looking and only taking trades they both align; but as you noticed, I sometimes lose the larger perspective. I have been watching DXY and AUD when I have been trading XAUUSD or XAUAUD for the same reasons you mentioned. If I see PA line up on multiple markets, it gives me much higher conviction in the trade. I'm glad that I'm on the right path with that aspect.
Hey all, I was away for a few days helping my parents move house. I hope you all had some great trades during the sell off last week. I'm back to my usual routine and getting ready for Mkt open tomorrow morning Daily 4hr 1hr 15min What I'm looking for: The bear trend to resume after a retesting a confluence of resistance What I am mindful of: I was away last week from Wed-Fri which meant I missed some really solid trending days. I'm feeling a bit of tension and fomo when I look at last week's chart . My monkey brain instantly wants to jump in to make up for the previous missed opportunities. (This feeling has led to me over-trading on subsequent days in the past) I am going to take things slow and be very deliberate in my actions. Stick to my plan and if things don't make sense, step aside and wait
LOL At which earliest time point did you first ascertain the trendline/channel? Do tell by marking the exact time point on your chart below