End of month lower risk taken. Using 4hr time frame and observing a break of support im happy to take a trade looking for targets as marked on the chart. Lower time frames show retest / rejection of support level confirming my plan.
I will be moving stops to BE at around 10-15 in profit and closing a % of my trade allowing a runner to play out.
Looking at the weeks support level that has been created we are looking for a further push back up in the London open and NY open.
Very small stop loss in case this level is broken, small target of 60 pips,
Break of 122.000 and ranging area on 15 min chart.
Entry with Sl at previous 15 min break candle body.
look for Tp 1 close % of trade and move sl to entry (+30 pips) prior to the heavy area of traffic to the left side of screen.
allow runner to attempt to break to TP2 / 3
Looking for further downward momentum today, nice break of range and signs of further momentum.
GBP is in poor shape currently and on higher time frames we have no reason to believe this is near the end of the new lows.
I have a full bullish bias on Gold currently no confirmed direction change at this current stage. I am not placing this trade yet but this is an example of a good set up using this method that may be valid in the coming days. Also this is how I plan my days / weeks ahead.
no indicators just look at what you can see on the screen and understand how your opponent...