imk1983-fX

XAUUSD short term SELL

Short
FOREXCOM:XAUUSD   Gold Spot / U.S. Dollar
Ok, usually my charts are a lot cleaner than this and before i post a trade idea, this is the process i usually go for. I look for confluences (as many as possible) and then go and take my trade. It's not always possible to have many confluences. So let me explain this idea for you#

Confluences:

1. Looking at 50%-61.8% retracement from Gold plummeting from 2050 - 1863 over a couple of days - this is marked up by lightish yellow box
2. 1977 (61.8%) is also a previous area or resistance if you look left


This would be trading AGAINST the trend which i'm normally against.

The safer trade would be to take a buy when price comes down to the 1880-1900 area for a double bottom (but with gold , this chance may come and go in a 15min candle)

THIS IS ONLY A TRADING IDEA ONLY - please do not take this as a signal and do not put your own hard earned cash towards this idea.

Please do let me know your thoughts - this is a short term idea - probably 2-3 days
Comment: ok, so price fell out of a wedge, without reaching the trigger price

Lets; see what happens now - will be interested be in buys if it reaches the bottom treeline
Comment: And there she goes... Didn't reach my area for it to activate sell... Oh well, well get the next one. Directionalshirt term bias was right, so thats a small consolation
Comment: Trade idea is not valid anymore

Comments

you need patience my friend, this is the 1hr so there is alot of noise. wait for things to happen
Reply
imk1983-fX freekodak
@freekodak, Thanks for the advice! Appreciate it
Reply
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