ForexWizard
A Forex Trading Coach from Forex Trading Wizard Academy conducts a live trading session to discuss technical and fundamental analysis, trading psychology, and live trade opportunities. Gold’s chart analysis is discussed, including a possible selling opportunity before a potential bounce to the upside. The coach emphasizes that the session is for educational purposes only and not investment advice.
Forex Trading Wizard Academy: Live Trading Session
Introduction
In this live trading session, we will be analyzing the market using a combination of fundamental, technical, and psychological analysis. We will also discuss any live trade opportunities that arise during the session.
Daily Chart Analysis
When first analyzing the market, it’s important to start with the daily chart. Looking at the gold market on the daily chart, we can see a significant rejection from the top yesterday with a big drop to the monthly support level. However, with over a week left until the monthly candle is complete, we may see some up-and-down movement.
Weekly Chart Analysis
On the weekly chart, gold has come to an important support level, which is also the monthly support. This support level has already produced a big bounce to the upside, but because the price is still in a downtrend, we could see sellers try to sell off again.
Daily Candle Analysis
Looking at the daily candle, we can see a breakdown and close below an important level of support. However, we have also seen a false breakout above this level. Currently, gold is trading in a predictable pattern in a triangular formation.
Selling Opportunities
My bias for today will be on the selling side until we see a test of the daily support level. Additionally, there is a daily moving average that is nearing the price level, which could act as an additional selling opportunity.
Lower Time Frame Analysis
Because gold is trading in a narrow range, we will need to look for opportunities on lower time frames, such as the 5 and 15-minute chart.
Trading Opportunities
When any trading opportunities arise during this session, I will call them out, however, please keep in mind that everything discussed is for educational purposes only and not investment advice.
Conclusion
Thank you for joining me for this live trading session. Don’t forget to like and subscribe to help grow the community.
