Quadricolor
Short

A simple Daily Short Gold / XAUUSD trade on support level breaks

FX:XAUUSD   Gold Spot / U.S. Dollar
This is the reverse of the long trade idea I have on gold / XAUUSD . This trade is based around the major support level at 1214. Simply, if the level holds we can expect price to have major bullish support on the long term. If the resistance level breaks, we can see major bearish levels coming in.

We can place an order to sell at 1212 (the break of 1214 support level ) with a Stop loss at 1220 above the support level of 1214. Splitting the trade into two, the first take profit at previous resistance of 1182 and the second take profit at 1122. This makes risk reward ratios of around 3.5:1 and around 11:1.
Jul 07
Trade active: Entry was activated and we follow this for a short trade.
Aug 01
Trade closed: stop reached: Stop loss was activated and trade closed.
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