Wow! Just got back to look at the gold chart and was quite surprised that it crashed approximately 21k points. That was quite the harsh condition for most traders to encounter and it doesn't quite happen often except when it has accumulated quite a large number of orders on the sides that the market wanna clear off and then accumulates more buy orders on it way down or accumulates more sell orders on its way up and then push further to clear off those orders.
As we can see, the daily time-frame, after crashing down and was able to close below previous support which is also a consolidation zone and a reversal support and both could be counted as a significant support which is a checkpoint to break and close below before it is able to crash further again. The current daily candle has kept pushing up since its open until it reached the supply which is the previous daily candles wick at the low of 3,015.880 and bounced off that supply which is now in a pullback phase, maybe to clear follow buy volumes before pushing up again, or will it pullback the whole candle body and change into a red candle below and crash further because right now the charts can move either way due to the candle breaking support successfully. So right now the daily candle can both create a reversal candle by rising up and cross its own resistance and then close above resistance signifying a bullish trend once again or it can also pullback the whole candle and push down change into a red candle and crash further before breaking another support, and then we'll have to see if it is able to break more support or not. But since right now the price has bounced off the previous candles low wick supply already, which means there isn't any more suitable entry zone because the best possible entry zone would have been the previous candles low wick.
The 4 hour time-frame shows that after crashing and continuously breaking support, it has then gone into a consolidating phase, though creating a reversal before consolidating as if to trick retail traders into buying believing that the trend is now bullish, but we still cannot confirm that since the price hasn't break its own resistance yet as each time the price goes up to touch/cross that resistance at 3,015.396, it pullback after rising a little bit further and close below the resistance, indicating that price is still consolidating and doesn't want to rise yet. And can also indicate that price isn't going to rise any further and it wants to crash soon because it won't rise further as if to not accumulate more sell volumes because it wouldn't allow more sellers to profit with it. And since the price has already bounced off from the suitable entry zone which would be the wick above the resistance but below the next resistance, there's no place for us to sell now as it would be no different from a FOMO right now and we don't wanna do that because in case the market pullback from its current price and rise to break resistance. So the best way to sell right now is to wait for the price the break support and then sell when the price rises up to clear off sell volumes, or wait for the price to break resistance, and then buy when the market drop down clearing buy volumes. But since neither has happened yet, opening an order now would be no different from gambling, though you guys could try it if you want, as a win would just be a fluke and a loss would be counted as a unlucky which would just proves that fact that people like this wouldn't succeed as a trader because they're not patient enough to analyze and then wait for the markets condition to align with their own condition before entering a trade. So do prove me wrong by having less people bursting their account by not risking more than your knowledge allows you because that in itself is gambling and experienced traders don't allow anything to be out of their control and by control I don't mean the market. The controlling I mean is your own logic and mindset which help you decide and trade rationally by not allowing your emotions into the game because it would destroy everything in the long term.
I genuinely would love to see a day where more traders are profitable and are able to stay consistently in the market without bursting their account every now and then.