XAU/USD 1802.84 Sell pending take profit at 1796.36
Why: Because Price has been at that resistance level for quite some time and has hit numerous different times. if you also look to the left hand side that 1802. level is a resistance level that held strong for a over a few week. We enter at 1802.84 and not 1804.35 because that is a support zone at that zone so I want it to break that 1802.00 instead of being impulsive.
Another reason Price is breaking out of a consolidation zone at a very high area.
The highest price was to the left was 1812.09 and it ended up moving lower to 1809.79
Long term I believe price is a buy however we may see a short term sell at this level for just about 60 - 70 pips 0:00 is also breaking the low of this
Why: Because Price has been at that resistance level for quite some time and has hit numerous different times. if you also look to the left hand side that 1802. level is a resistance level that held strong for a over a few week. We enter at 1802.84 and not 1804.35 because that is a support zone at that zone so I want it to break that 1802.00 instead of being impulsive.
Another reason Price is breaking out of a consolidation zone at a very high area.
The highest price was to the left was 1812.09 and it ended up moving lower to 1809.79
Long term I believe price is a buy however we may see a short term sell at this level for just about 60 - 70 pips 0:00 is also breaking the low of this
Trade closed: stop reached:
However the target was hit my stop loss should of been 1808.00 due to the fact that 1805.00 was such a tight stop loss
Comment:
However the trade moved in our direction or 150 pips
MRXAU