Gold sell idea.
Entry: 2046.30
Stop loss: 2052.50
Take profit: 2020.00
Explanation: Given the outcomes of the Wednesday's Fed and Friday's NFP, Dollar set the bullish sentiment for the month of February. I'll be looking for shorts for the whole month ahead, starting with Monday 2046.30 sell limit. Reason for entry: Retracement from Friday to create a new weekly high tomorrow, 61.8% fib which is also Friday NY retracement zone.Stop loss is put above the 78.6% fib, if I get taken out, I'll look for shorts at 2053.00-2055.00. Take profit is the first fibonacci target, which is 2020.00, a little below where volume is sitting at (2025.00). The trade is 4.3 RR. There will be no high impact news this week, only some Fed member speeches and Today's Powell discussion on Inflation and Interest Rates.
Cheers!
Entry: 2046.30
Stop loss: 2052.50
Take profit: 2020.00
Explanation: Given the outcomes of the Wednesday's Fed and Friday's NFP, Dollar set the bullish sentiment for the month of February. I'll be looking for shorts for the whole month ahead, starting with Monday 2046.30 sell limit. Reason for entry: Retracement from Friday to create a new weekly high tomorrow, 61.8% fib which is also Friday NY retracement zone.Stop loss is put above the 78.6% fib, if I get taken out, I'll look for shorts at 2053.00-2055.00. Take profit is the first fibonacci target, which is 2020.00, a little below where volume is sitting at (2025.00). The trade is 4.3 RR. There will be no high impact news this week, only some Fed member speeches and Today's Powell discussion on Inflation and Interest Rates.
Cheers!