Hi Traders,
I’ve got my eyes on XAU/USD today for potential shorting opportunities, Price created a double top and proceeded to break the neckline, I’ve drawn a trendline from the outer most points of the uptrend and price has persisted to breaking the trendline. We have one more barrier in the way of a potential clean move to the downside.
1841.250 is the current barrier I need taken out before looking to sell this instrument. A strong bearish closure below the key level would spark my interest. I would be looking for price to fill in the wick on the left of the range which would yield a profit target of 87 pips, At that point, I would be satisfied and close 80% of my positions where I could leave the rest to potentially breach 1832.5 and meltdown to 1825.0
for a total risk to reward of 5 to 1. We still playing around in the range of 1850.0 – 1841.250 a closure above 1850.0 could potentially send price to 1865. We will have to wait and see what the day brings, Keep in mind that we have some fundamental elements coming into play later on today (US-GDP)
let's remain patient and only strike when we have clear direction and confirmation.
Renaldo Philander
I’ve got my eyes on XAU/USD today for potential shorting opportunities, Price created a double top and proceeded to break the neckline, I’ve drawn a trendline from the outer most points of the uptrend and price has persisted to breaking the trendline. We have one more barrier in the way of a potential clean move to the downside.
1841.250 is the current barrier I need taken out before looking to sell this instrument. A strong bearish closure below the key level would spark my interest. I would be looking for price to fill in the wick on the left of the range which would yield a profit target of 87 pips, At that point, I would be satisfied and close 80% of my positions where I could leave the rest to potentially breach 1832.5 and meltdown to 1825.0
for a total risk to reward of 5 to 1. We still playing around in the range of 1850.0 – 1841.250 a closure above 1850.0 could potentially send price to 1865. We will have to wait and see what the day brings, Keep in mind that we have some fundamental elements coming into play later on today (US-GDP)
let's remain patient and only strike when we have clear direction and confirmation.
Renaldo Philander