Gold sell here due to the triple top formation potentially alongside the fact we look to have made a higher low and lower high now potentially showing a reversal of the bull market we've seen recently here.
Looking to short to the 200 MA level, however more downside potential further to this, going to see therefore how price plays out if it heads to this level and then may set a final TP closer to the $1,200 level.
Risk:Reward - 1:4
Risk - 2%
Looking to short to the 200 MA level, however more downside potential further to this, going to see therefore how price plays out if it heads to this level and then may set a final TP closer to the $1,200 level.
Risk:Reward - 1:4
Risk - 2%
Comment:
Similar situation has played out recently and trade not taken as awaiting confluences causing no trade to be taken, this saved another 2% loss. Slowly learning bit by bit.
For future reference when a potential set-up is forming more confirmation is required as could have been seen if a longer wait had been applied before entering the trade, noted or future reference.