The hard side
Why a pullback is harder to trade than a continuation, shown on the three places gold's pullback could have stopped, and what that means for which trades you look for.
Gold was retracing all morning, and retracements are the harder half of a chart to trade. This lesson is why.
Two kinds of move
A retracement is price coming back against the direction of the chart it sits inside.
An extension is the move that follows, carrying on in the direction of that chart, past where the last leg ended.
One move goes back over old ground. The other goes somewhere new.
A pullback has several possible ends
Gold at 2,426 had three marks below it, and every one of them was a legitimate place for a buyer to work from.
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