Happy new year one and all!
I am looking to BUY gold, waiting for a pullback... (as we all are)
Have a sneaking suspicion this might happen on market open!
Lets wait and see,
BUY LIMIT ORDER: 1527.31
Test 1.28791 then plummet, lost of uncertainty with election looming, such a shame as I was really excited about this £ comeback!
1.27556 will be a key area to watch out for, use a trailing stop loss after 30 pips profit and USE RISK MANAGEMENT.
Trade is at a 3:25/1 ratio.
I feel there will be a further pullback upon market open, smashing through the 1483 psychological barrier ultimatley finding resistance at the 1425 area.
This is where I will take profit and see how the market reacts.
My gut feeling is that this area will coincide with high impact news on Wednesday creating a bullish market which will oush us up to the highs...
I am already 120 pips in on this trade (check past analysis) from a sell limit order.
As you can see price action has been respected between the trend line resistance (4th touch) and the support level (5th touch).
I have left this trade open over the weekend, however there maybe another entry point depending if the bearish cande continues on market open.
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...
The previous daily buy zone (from last week) has confirmed itself as a resistance zone.
Caught the market on the way up with the buy limit TP with 140 pips now trying to catch it on the way back down for 150 pips!
Good luck and stay in the zone!
Gold has been ranging between 1500 and 1528 since Tuesday.
This period has presented lots of entry opportunities both to buy and sell (highlighted using the ellipse). I found this tool applied with the stochastic a strong indicator and conformation of good entry points.
As for next week I have a buy and sell limit in place and will keep looking for good...