Yesterday, the "Contrarian Trading Strategy" provided planning advice to the academy students. During the European session, the market consolidated and broke below the trendline, then during the U.S. session, it also broke below 2392.
Furthermore, since the Asian session today did not rise back above the trendline, one can enter short positions based on the market trend structure.
This pullback is not over, and the long-term bullish trend structure has not been completely broken. We are still focusing on the correction and not entering a bearish market.
This belongs to a contrarian position, thus utilizing the "Contrarian Trading Strategy."
Gold will likely move sluggishly this week. If you have orders, remember to calculate the risk-to-reward ratio properly and keep your positions small.
For students who have entered short positions, pay attention to the key correction levels at 2381 and 2370 for potential exit points.
Reminder to students: 2353 is a critical cost level for the bullish side. In trading market logic, when the price approaches the cost level, should you sell or buy?
Take a moment to think. As the market downturn approaches the critical cost level, we will look at the market sentiment reflected in the candlestick patterns to judge the future trend.
