Overall longer term is BULLISH - short term bearish
The nature of these trades - i am taking a small lot size and trying to find the demand supply zones for entries. May not activate as gold is ranging right now, and not trending on anything less than 4h timeframe
Always use a stoploss - max 2-3% risk
Another word of advice - be patient for your entries- I started entering buys from 1936, 1925, 1919 as these were alternative fib retracements. In hindsight, should have just waited for a good entry on the 61-78 fib
I have also found that gold moves are more volatile than currency
All the best - no signals here - just trade ideas
The nature of these trades - i am taking a small lot size and trying to find the demand supply zones for entries. May not activate as gold is ranging right now, and not trending on anything less than 4h timeframe
Always use a stoploss - max 2-3% risk
Another word of advice - be patient for your entries- I started entering buys from 1936, 1925, 1919 as these were alternative fib retracements. In hindsight, should have just waited for a good entry on the 61-78 fib
I have also found that gold moves are more volatile than currency
All the best - no signals here - just trade ideas
Comment:
NOTE TO SELF- Be patient. If I wanted for demand zone between 1890-1905 I would have had an excellent entry. Regardless the trade idea worked well, though pm chart the SL is set slightly higher than I set mine (1899)
Comment:
The overall idea works.. only the small details like sl needs to be managed. This strategy will work on 1/2 % risk trades
Comment:
If in sells, take partial profits and move to breakeven.
Price seems to be reaction to longer term trend line (red dotted line). So may retrace and consolidate
Price seems to be reaction to longer term trend line (red dotted line). So may retrace and consolidate