Good day, dear traders! I present you a trading idea for gold.
After the conflict in Middle East, gold entered the zone of a wide flat with fairly clear borders on the extremes of 1563-1535. You can call it a channel:
In such flat channels, they usually trade from false breakdowns of the flat borders.
I will consider 2 scenarios:
Scenario #1:
This plan involves capturing the stops of all sellers starting from January 10. Then, with a false breakdown, hold the shorts to the two goals shown in the chart above.
Scenario #2:
This plan is related to the capture of the local area over the past two days. With a false breakdown, hold longs to sellers' stops from January 10. After that, a false breakdown of 1563 from Scenario #1 will be included :)
Good luck in trading and control your risks!
P.S. The green on the charts indicate the US sessions.
