Shorting the XAUEUR from the trendline and XAUEUR all time high!
This will be the last short I will take unless of course 2200 is reached by Gold EUR.
Reasoning for my short and anti momentum trade is 2100 is a strong psychological level in the market and gold does tend to work well with these levels as seen in past trading with both XAUEUR and XAUUSD. Currently XAUUSD is trading at 2055, with the XX50 being somewhat of a psychological level however this was disrespected last night. Currently the SP500 is trading at an all time high rejecting a psychological level too. Given that I utilise alignment in markets to go beyond the technical analysis, which while while great has it's limits, this gives me a reason to short XAUEUR at this time.
It is a riskier trade for sure, therefore my risk is altered for this trade to appropriate tolerance of risk and set-up quality.
Confluences:
3rd touch on upper trendline, weekly and monthly timeframe
Psychological level
Market Alignment
Half risk.
Catch you later traders ▲
Entry: 2098.47
SL: 2105.10
TPs: 1- 1:1.5 ....... 2- 1:2.5
This will be the last short I will take unless of course 2200 is reached by Gold EUR.
Reasoning for my short and anti momentum trade is 2100 is a strong psychological level in the market and gold does tend to work well with these levels as seen in past trading with both XAUEUR and XAUUSD. Currently XAUUSD is trading at 2055, with the XX50 being somewhat of a psychological level however this was disrespected last night. Currently the SP500 is trading at an all time high rejecting a psychological level too. Given that I utilise alignment in markets to go beyond the technical analysis, which while while great has it's limits, this gives me a reason to short XAUEUR at this time.
It is a riskier trade for sure, therefore my risk is altered for this trade to appropriate tolerance of risk and set-up quality.
Confluences:
3rd touch on upper trendline, weekly and monthly timeframe
Psychological level
Market Alignment
Half risk.
Catch you later traders ▲
Entry: 2098.47
SL: 2105.10
TPs: 1- 1:1.5 ....... 2- 1:2.5
Trade active