JJSingh

https://www.tradingview.com/symbols/XAUUSD/minds/?mind=vLNN-ZRBRNyadbfVTSyCow&exchange=OANDA Educational not recommendation.

Climactic Action: Generally signifies the end of a trend. An extraordinary bar that stands up the tallest with extremely high volume. Does not necessarily means complete reversal. May go sideways or pullback. Also every tall bar is not climactic. If a stock has moved let's say 100% or more and then prints such a bar in an uncharted territory, then it could be climactic action.

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There are two possible scenarios- Price makes another bulls trap and then quick move to the downside (good for option buyers) - may fill the second gap and leave the first one like it did last time. Price hugs the resistance, consolidates (boring and not good for option buyers) and then breaks above it (when option buyers lose all their money 😁)

GIFT Nifty respected the trendline resistance, heading lower and so do Nifty

If interested in Paid Trading Course (recordings) can contact- jjsingh.pu@gmail.com

Sometimes GIFT Nifty helps in finding the right direction and correct entries. Losing momentum near 24700- previous swing high and trendline resistance. Cautious until strong break above TL or it could turn the tables ⏬

Price distortion candles at day close- another hurdle for retail traders. Making it difficult to find the fair price. New CAS system sucks charts and keeps everyone confused.

https://www.tradingview.com/symbols/XAUUSD/minds/?mind=Bqra1Y_SRjit7YZcatOB1Q&exchange=OANDA Gold Analysis

So, the price is a ta crucial level again. Two scenarios- 1. If it is to remain bullish: it could hug the resistance for some time, build more energy and then breakout of the resistance. 2. If it is still bearish, then we will see a trap near resistance and then a sharp fall to the trendline or lower.

Still see a broader range of 23600 to 24600

Break to next support with a gap- interesting scenarios.

Tip- when you are a day trader, You go for a specific daily Target but when your loss hits in one trade or two, now u want to get the same profit target. This forces traders to either increase position size or overtrade. The idea should be to maintain your daily loss cap and not increase the position size. Increasing position size is revenge trading. Don't trade for your pnl, trade for your setup. If it has not worked in a trade, it will work in another one.

That's why I said that I'm not a big fan of patterns. It was at the wrong place also. I am still not very bullish here. In range. Let's see.

Not a big fan of patterns but their psychology dictates bullish or bearish scenarios. It's still in play and no confirmations. Market is still with in the single day range of 8th July so nothing special other than gaps and volatile moves. Yep, one can take advantage of the morning moves or tested setups during the day but its just that you have to be on the right side.

Many traders like opening range breakouts. I like it when the first bar is not so large and the next one or two bar are within the first bar. The win rate might be less in ORB setups but you can make a home run when they work decisively.

On Friday's there is a general expectations for sideways market. The range is good enough though. Beyond this range would need a reassessment.

If I consider move from Jul 2 to 7 as a breakout of trend channel and waiting for a pullback, then yesterday's bearish move is not something that convinces me to go long. This is not a kind of retest I like to trade. No doubt that today it is holding but it would need more evidence like another test of 23800 or so to decide what to do. If price fails to sustain near this level, further downside to the bottom of the channel could be a possibility.

A typical range bound scenario- Nif Fut Price reacts from resistance and then starts consolidating at the lower end. Another range developed from 24000 to 24150. If it holds here and breaks out then upside possible. or else the range would stay for more time.