Gold rejected from supply zone/order block from yesterday and has formed a lower low this morning. If we go by ICT we are going back to 22xx from here.
I have entered a short once the previous low was broken at around 2324.5. Plan is to exit in parts based on support levels below and Fibs. With news and wars making markets extremely volatile I entered the trade with smaller positions with proper risk management in place.
Entry - 2324.5 (break and retest of previous low)
Stop loss - 2332.38 ( upper end of the resistance/supply)
TakeProfit1 - 2316.82
TakeProfit2 - 2308.28
TakeProfit3 - 2300.32
Let's hope market direction goes in our favour. Happy trading!
I have entered a short once the previous low was broken at around 2324.5. Plan is to exit in parts based on support levels below and Fibs. With news and wars making markets extremely volatile I entered the trade with smaller positions with proper risk management in place.
Entry - 2324.5 (break and retest of previous low)
Stop loss - 2332.38 ( upper end of the resistance/supply)
TakeProfit1 - 2316.82
TakeProfit2 - 2308.28
TakeProfit3 - 2300.32
Let's hope market direction goes in our favour. Happy trading!
Trade active
Trade closed: target reached
I am trailing my stops from here on.
If we go below 2315.5, gold would have completed a triple top, upon succesful retest would give us a profit target of approx. 2303/2 which wonderfully coincides(almost) with our initial TP3 level.