I am showing you what might or could have been a nice 1:2 Gold Trade. But it just miss by merely a few pip and hit what actually an initial target.
What do I do, I just simply cancel the trade. I only take first touch. I dont rely on 2nd touch as it will now face fresh small demands below it.
Here is Dollar Index Vs Euro below:
No notice that the dollar index got wipe out on its demand. And price has hit the Monthly Demand and supply. What are your first thought on this ? Remember, THe monthly Demand supply is on a 2nd Touch. IT could mean there is nothing there to hold the price. Could it be the same on the USd index ?
A large spike like that, could print fresh demand on a smaller time frame. THe only way to see that is looking into the smaller time frame and see what we can see.
1 MInute Time frame. Did any of you look this small before ? Perhaps this fresh demand will confirm it. We have to see this over the week.
BY the way, I am compiling a new ebook a ‘ How to Guide’ to identify Demand supply. Since it was demanded by most of my readers. Will keep you posted once I finish this ebook. Hopefully this will help you all trade better and we can collaborate more easily.
Have a great week!