KnightsofGold

XAUUSD 1H - Short Idea

Short
OANDA:XAUUSD   Gold Spot / U.S. Dollar
Following on from yesterdays chart. We held a couple of good positions on Gold over this week where we took a majority of the profits and moved the stops to just above entry. Unfortunately one of the positions closed at the stop with overall good profits and the other is still running. We're not adding any more longs at these price levels, instead we're looking for higher pricing to scale into shorts. The idea is on the chart, the level of 1808-10 would be our first small entry to scale in. 18016-20 is an important level here, what we don't want to see is the price break that level and hold above it.

The stop is larger than what we would usually publish for the reason that we will be scaling in to this position with a smaller lot to start with, we want to test the area first.

If we get it we get it, if we don't we're happy with the trades we've already taken this week.

Look for strong resistance at these levels and look for rejection in price.

As always, trade safe.
Trade closed: target reached
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Comments

Thanks for the excellent analysis and the trade idea. Also appreciate the duty of care that you show your followers with regard to protecting traders, and new ones in particular, from the surprises that the market regularly throws up to destroy those who don't understand risk management and are following bad advice.
+1 Reply
@Norston, πŸ™ Thank you for your kind words
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