Been watching the 60 min for a couple of days and this morning I saw a short entry I felt comfortable entering. The 5 min chart showed a high volume down bar and a small pullback on lower volume. I actually got into the trade a little later than I should have. Continually trailed my SL to lock in profits. Profit targets 1 & 2 hit....+$750 on trade.
If you'll notice the two highest volume spikes on this 60 min chart, you can see that is where price action changed direction. My expectation is for professional money to control price within this upper high volume zone and at some point next week, to move price back down to test the lower level high volume area.
Highest volume of the day showed up as price action entered the upper zone (60 min chart). assuming this scenerio occurs, I will consider a short entry if price breaks down below the newly formed volume spike and retests this area on low volume.
The professional traders just are active this morning! If this 60 min candle closes near the bottom, Gold will be moving lower. These 'shooting stars' or 'upthrusts' are designed to fool the retail traders who trade breakouts and catch the stops of those who are already short.
