Gold sell @1473
SL 1477
TP 1 1466
TP 2 1462
4hr trendline setup inside a daily trendline setup. Trade taken because of a 1hr bearish engulfing candle. The idea is that price reverses on the trendline near TP 2, however it could break analysis. Also, based on how long this trade takes, TP 2 may be adjusted. Hopefully the trade pulls through and my analysis is correct. If SL is hit, will look for a retest on the trendline for a push up to the daily trendline which is not visible on this chart. If TP 2 is hit, will look for a confirmation for a buy up, or will look for a break and retest on the lower trendline for a sell and push to the downside to the lower daily trendline.
SL 1477
TP 1 1466
TP 2 1462
4hr trendline setup inside a daily trendline setup. Trade taken because of a 1hr bearish engulfing candle. The idea is that price reverses on the trendline near TP 2, however it could break analysis. Also, based on how long this trade takes, TP 2 may be adjusted. Hopefully the trade pulls through and my analysis is correct. If SL is hit, will look for a retest on the trendline for a push up to the daily trendline which is not visible on this chart. If TP 2 is hit, will look for a confirmation for a buy up, or will look for a break and retest on the lower trendline for a sell and push to the downside to the lower daily trendline.
Comment:
Trade was right, entry was wrong. SL hit