Gold trader reads doji candles and a rising wedge pattern in real-time, keeping profitable swing positions open while watching for a break above a Bill Williams fractal to add new longs. Price remains above key support at the 8-period moving average and psychological level 5003.
Morning traders. Right. So what I'm seeing is as follows. I'm seeing two doji's. Normally the doji on an uptrend when you see the doji it is the break of trend. And normally I would close my trades. If I wasn't trading gold, anything other than gold, I would close my trades. The other thing that I'm seeing is I'm seeing a bearish pennant. So it's actually a rising wedge. Okay. Now normally with a rising wedge what would happen is that the price would fall positives. We're still sitting above this demand zone which is great. We're still sitting above the 8 exponential moving average which is great. So two factors are that we are still north. Now for this, these dojis over here to be mitigated I would need to see a candle go above the high of the dois and break the structure of the fractal. Then I know for sure that the price is going to go north. So currently the institutions are in control. We don't know what they're doing, we don't know the direction. What we do know is that we're north. So I've still got my trades that are open that I placed the other day. Those were my swing trades that are down here and down here. So we still, those are in profit. I don't want to close them. What else am I seeing? I'm seeing that we're on a psychological level 5003. So anything that starts with 0 or 50 is a psychological level and currently we're above it. So still positive that the price could go north. But now is not the time to be loading longs, not trading advice. This is how I trade. So I would only place another trade when the price goes above this fractal. So that's a Bill Williams fractal. I like him because he's scientific. So that's what's happening, that's what I'm seeing. And I'm going to be risk off today and I'll tell you what's happening later in the day. Cheers.
Double bottom forming - Gold ready for $4000 #trading #technicalanalysis #xauusd
