Introduction:
Please read the full post before considering taking action.
Trading gold has been pretty straightforward these days: we identify key zones of interest and, once it reaches one, we follow price action closely and act upon confirmation.
Right now we are in the middle of a descending channel, even though price failed to create a lower low on the 2nd of May. Should it move upwards from here, we have short orders on the edge of the channel. Should it fall from here, we will see if it bounces from 1266 and we will long from there. We are favoring short orders, though, since we are likely to stay with this trade open for weeks, even, and short swaps are positive.
How to Proceed:
We have short orders on 1290 and long orders on 1266.
Take Profit:
Our take profits will be dynamically evaluted as the trade unfolds. It's too soon to tell.
Side-notes:
Remember that a trader's default position is doing nothing! We plan our trades weeks ahead and watch markets closely to ensure the best risk reward available.
Please leave your comments below to inspire us to continue our work and don't forget to follow us! Feel free to send us a direct message with any doubts you might have and experience a great trading session!
Please read the full post before considering taking action.
Trading gold has been pretty straightforward these days: we identify key zones of interest and, once it reaches one, we follow price action closely and act upon confirmation.
Right now we are in the middle of a descending channel, even though price failed to create a lower low on the 2nd of May. Should it move upwards from here, we have short orders on the edge of the channel. Should it fall from here, we will see if it bounces from 1266 and we will long from there. We are favoring short orders, though, since we are likely to stay with this trade open for weeks, even, and short swaps are positive.
How to Proceed:
We have short orders on 1290 and long orders on 1266.
Take Profit:
Our take profits will be dynamically evaluted as the trade unfolds. It's too soon to tell.
Side-notes:
Remember that a trader's default position is doing nothing! We plan our trades weeks ahead and watch markets closely to ensure the best risk reward available.
Please leave your comments below to inspire us to continue our work and don't forget to follow us! Feel free to send us a direct message with any doubts you might have and experience a great trading session!