False breakout, trading against the shorts.

Gold made a breakout with low volumes and no panic selling into FOMC and NFP. It defended itself pretty well against USD strength, especially when compared to EURUSD and GPBUSD (and a lot of other USD pairs) last week. As such, this are signs of buyers supporting the price. It is trading back into range and I am talking this opportunity to short squeeze those traders trapped in the false breakout. Price has seen to respect the 200 dma and thus I will be using that as a dynamic support to trail my stops. First target is at the top of the range and if it does reach there, I will be holding half of my position in the case it breaks out of 1360. If it does, there's a huge upside potential. There is a higher probability of a breakout with the help of the shorts getting squeezed.

2.5% risk is taken for this trade.

Comment:

Gold still holds as Eurusd makes a lower low. Buyers are here. Lets hope they are not exhausted

Comment:

A break above 1320. This is great news. Pull back to 1317 opens an opportunity to scale in or for those who aren't in the trade to enter a long.

Trade closed: stop reached:

Discretionary: 4.025% - 2.5% = 1.525%
Planned: 4.9% - 2.5% = 2.4%

A painful loss this one. Price bounced off the first resistance in #h4 at 1325 before forming a head and shoulders pattern after and breaking down straight below 1300.