Highly respected resistance level has been obey this position is now live i have sold now and i have a buy limit order which is via the graph
Entry - as soon as possible
SL - 1556.51
TP - 1522.75
(slightly early exit to avoid major support level)
Buy limit (for later)
Entry - 1521.80
SL - 1515.5
TP - 1538.2
Gold prices rally has stalled last week at fresh multi-year highs around $1,555 last week. Since then, the precious metal turned into a consolidation mode with a bearish bias and struggles to regain the upside impetus amid the overbought conditions and a generally stronger dollar.
The greenback demand rose across the board, in part due to some recovery in the...
XAUUSD will roll over from the current liquidity region, and bring price closer to the $1500 support floor.
The $1533 psych level provides us with an ideal barrier for stop loss placement.
Trade safe, manage risk, enjoy.
3 consecutive negative sessions have been posted.
The medium term bias remains bullish.
Current prices have reacted from a high of 1555, however, we expect further gains to follow.
Sentiment remains positive despite the pull-back lower in prices.
Preferred trade is to buy on dips.
We look to Buy at 1510
Target 1: 1540
Target 2: 1555
On the market open and if the level 1527.00 (Potental pos #1 being a sell limit order) is respected i expect a sharp reversal to 1522.8 if breached due to normal fluctuation or gapping
Potential Pos #2 must be ignored unless there's a candle that surpasses the 1527 level and closes above it and then the buy limit should be opened if respected i expect gold to goto...
Had 3 trades on gold last week and it was not playing nice. First trade was running 40+ and took a -20 pip loss, we then entered again a took a full 1R loss on this and then last minute at 4pm on Friday and we now running over 80+ and will be looking for new entries on this pair. Ive seen there is more china news speculating over the weekend and we have seen gold...
Resistance and the latest breakout indicates one the 1M timeframe it's time to sell XAUUSD via the 1 MONTH Timeframe i have postioned the take profit just above the underlying support line just incase the exit isn't completely performed so if respected you'll be out just a tiny bit of profit short for a secure exit good for set and forget...
After reaching new highs of 1555 last week I feel that the bullish run will naturalise this week returning to the 1490 mark.
Reason one: US China trade war has eased (for now)
Reason two: Bearish candle formation
I will personally try and get a better entry at market open around the 1530 area.
TP 1 - 1508
TP2 - 1490
Good luck and as always use correct risk...
Trend Continuation Trade
- Multiple Fib Clustering
- Complex Trend Analysis
Awaiting price to pullback to 1536.200 before entering a short trade and aiming for $1512.00
Stop Loss 52 pips above entry.
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