1. Gold is in a downtrend on the daily time frame.
2. Gold has been pulling back since last friday.
3. The only way I see gold is to sell from this area but it does look like there is room for some more up movement on the day chart.
My plan is to sell gold at this level with a very small position. My stop loss will be above the current day's candle. This is a Trend Following Trade Idea on the Daily Time Frame. If we lose the trade, there is nothing we can do about that but our stop loss will be very tight and we will be trading it super small. We always trade super small here. So if we lose , it will not be a big deal at all. It is the only way you can trade folks.... if you trade any other way you will lose.
2. Gold has been pulling back since last friday.
3. The only way I see gold is to sell from this area but it does look like there is room for some more up movement on the day chart.
My plan is to sell gold at this level with a very small position. My stop loss will be above the current day's candle. This is a Trend Following Trade Idea on the Daily Time Frame. If we lose the trade, there is nothing we can do about that but our stop loss will be very tight and we will be trading it super small. We always trade super small here. So if we lose , it will not be a big deal at all. It is the only way you can trade folks.... if you trade any other way you will lose.