Gold Long Trade - Counter Trend Play
I am looking to go long gold back up to the $1482 support/resistance level.
Price has made a higher low this morning on the lower timeframe so I am using this as a sign of momentum slowing. This set up has good reward:risk of over 5.7:1.
The low risk entry would be to wait for the short term bearish trendline to be broken first.
Stop loss is below the lows at $1447
Price has made a higher low this morning on the lower timeframe so I am using this as a sign of momentum slowing. This set up has good reward:risk of over 5.7:1.
The low risk entry would be to wait for the short term bearish trendline to be broken first.
Stop loss is below the lows at $1447
Trade active:
Entered on the close of the bullish wick 15m candle this morning.
Comment:
Bearish trendline broken :)
Comment:
Not far from TP now
Trade closed: target reached
