GOLD - SUPER RISK TO REWARD TRADE
Hi All,
Good Day!
Based on the Daily Timeframe, we see 2 scenarios which are possible for GOLD in the days / weeks to come.
1. Potential Double Top @ 1877 region, of course we need some bearish candles to be forming at this area prior to taking a super short trade down. Beware of false breakouts that can occur given GOLD's volatility quite recently.
2. Retesting the top of the Rising wedge. This is highly possible in view of how volatile the market has been on Friday given geopolitical tensions arising between Russia and Ukraine. Overextension could lead to price reaching price levels of 1900 or higher before reversing.
Either of these scenarios are possible so we need to monitor and get an entry to secure a highly probable short trade once the price is in either of these zones of interest.
DISCLAIMER: Please do not blindly enter a trade but also do your own due diligence as FOREX market is a highly volatile and risky market. Always focus more on money management because trading is a double edged sword. Enter small lots of 0.01 to test and slowly increase lot sizes once you are more confident that the trade will go your way. DO NOT enter trades of more than 1 LOT just because you want to get rich quickly. Take things slow and you will do just fine in the long run. Its all about the consistency! :D
Trade Safe!
Cheers,
Rocket Traders
Good Day!
Based on the Daily Timeframe, we see 2 scenarios which are possible for GOLD in the days / weeks to come.
1. Potential Double Top @ 1877 region, of course we need some bearish candles to be forming at this area prior to taking a super short trade down. Beware of false breakouts that can occur given GOLD's volatility quite recently.
2. Retesting the top of the Rising wedge. This is highly possible in view of how volatile the market has been on Friday given geopolitical tensions arising between Russia and Ukraine. Overextension could lead to price reaching price levels of 1900 or higher before reversing.
Either of these scenarios are possible so we need to monitor and get an entry to secure a highly probable short trade once the price is in either of these zones of interest.
DISCLAIMER: Please do not blindly enter a trade but also do your own due diligence as FOREX market is a highly volatile and risky market. Always focus more on money management because trading is a double edged sword. Enter small lots of 0.01 to test and slowly increase lot sizes once you are more confident that the trade will go your way. DO NOT enter trades of more than 1 LOT just because you want to get rich quickly. Take things slow and you will do just fine in the long run. Its all about the consistency! :D
Trade Safe!
Cheers,
Rocket Traders
Comment:
Price is reacting nicely to the top of rising wedge channel! Lets see where this goes and if more bearish volume comes in, price can fall from here or if it goes higher, most likely approach the higher double top region @ 1918 region