Whats up gold gang! hope you have enjoyed your weekend .. its nearly market open .. so lets get ready.
This weeks educational post is talking about the retest .. so what is a retest. When price breaks a banking level .. i normally enter on the break out .. but if i miss that .. you can wait for the retest. This is where price comes back to the level to collect more orders before shooting off in the direction of the current trend.
Wait for a wick rejection at the banking level and a bullish candle to follow .. on the hour or 30m is the best .. then you can enter on the break of the previous bullish. Make sure this is at volume time around the opens.
As anything .. it sounds simple .. but tricky to get right .. and is a lower probability set up compared to the standard breakout.
Hope this was helpful guys .. please leave a like if you did. Ill be back tonight for the open and asian outlook going into tomorrow
tommyXAU
This weeks educational post is talking about the retest .. so what is a retest. When price breaks a banking level .. i normally enter on the break out .. but if i miss that .. you can wait for the retest. This is where price comes back to the level to collect more orders before shooting off in the direction of the current trend.
Wait for a wick rejection at the banking level and a bullish candle to follow .. on the hour or 30m is the best .. then you can enter on the break of the previous bullish. Make sure this is at volume time around the opens.
As anything .. it sounds simple .. but tricky to get right .. and is a lower probability set up compared to the standard breakout.
Hope this was helpful guys .. please leave a like if you did. Ill be back tonight for the open and asian outlook going into tomorrow
tommyXAU