XAUUSD – are the bears ready for action again?? 25 Aug, 2023
The vital support at 1915 was broken by the bears a few days ago, but the bulls took over and stopped further gains. Price is back at that area again. The daily candle of 24 Aug can best be described as “indecisive”. The overall flow I the market is to the downside and my bias is in line with this.
If we get bearish indication as I expect that we will,
Entry should be below the low of Thu candle
Stop should be above the high of Thu candle
Initial target can be at 2R subject to an extension lower if PA suggests.
If however, we see a bullish continuation move, my analysis would get negated.
Being prepared for the unexpected is a good idea in trading, so please use sound money and risk management and stay patient in all your trades. If you like my content, please give it a “thumbs up” and follow me to get even more.
What do you think about this trade idea? Please comment and share your thoughts!!
If we get bearish indication as I expect that we will,
Entry should be below the low of Thu candle
Stop should be above the high of Thu candle
Initial target can be at 2R subject to an extension lower if PA suggests.
If however, we see a bullish continuation move, my analysis would get negated.
Being prepared for the unexpected is a good idea in trading, so please use sound money and risk management and stay patient in all your trades. If you like my content, please give it a “thumbs up” and follow me to get even more.
What do you think about this trade idea? Please comment and share your thoughts!!
Trade active:
This trade gave some anxiety, but hopefully will now continue to move in the right direction.
Trade closed: stop reached:
USD news reversed this trade and I got stopped out. IMO, the short will happen soon, so am watching this closely.