From 1 hour candles we can see clearly that yesterday night gold break bullish trend line, and it fell below the lowest point of the last bullish wave, so I think it is very possible that another bearish wave with at least the same fall extent will occur today.
Now I wait for the candle signal to open short trade, the stop limit will be the highest price of the bullish trend (maybe 1357 ), short trade target price is near 1329, my short trade admission price maybe 1346~1353 (depends on candle signal).
As to holding trade strategy, if price really start to fall near 1340, I will see the demand reaction, strong buy demand near 1340 I will close 1/2 of my short trade and set the remaining trade stop limit at my entrance price to avoid unnecessary loss.
The above analysis only represent my personal point of view, if reader likes it , please comment and let me know ^.^
Now I wait for the candle signal to open short trade, the stop limit will be the highest price of the bullish trend (maybe 1357 ), short trade target price is near 1329, my short trade admission price maybe 1346~1353 (depends on candle signal).
As to holding trade strategy, if price really start to fall near 1340, I will see the demand reaction, strong buy demand near 1340 I will close 1/2 of my short trade and set the remaining trade stop limit at my entrance price to avoid unnecessary loss.
The above analysis only represent my personal point of view, if reader likes it , please comment and let me know ^.^
Trade closed: target reached:
It seems the gold price went exactly as we expected yesterday.
Waiting for another chance to trade.
Waiting for another chance to trade.