Going Long Gold (multiple confluence read description)
My bias for this pair is going long for a few reasons:
1) the MA indicates that the bias is long (very far apart, not close to crossing over)
2) This pair respected the trend line 3 times and made a clear bounce which tells me it is going to continue up.
3) It broke weekly resistance (black line)
4) an inverted hammer has been formed which indicates a price movement of going up.
My Take Profit is at the resistance level i found between the monthly resistance (Red line) and the weekly support (black line). My stop loss is right below the trend line and beneath the weekly support just in case a retest occurs. Be safe and control your losses! Remember RISK MANAGEMENT KEY TO THE MARKETS!
1) the MA indicates that the bias is long (very far apart, not close to crossing over)
2) This pair respected the trend line 3 times and made a clear bounce which tells me it is going to continue up.
3) It broke weekly resistance (black line)
4) an inverted hammer has been formed which indicates a price movement of going up.
My Take Profit is at the resistance level i found between the monthly resistance (Red line) and the weekly support (black line). My stop loss is right below the trend line and beneath the weekly support just in case a retest occurs. Be safe and control your losses! Remember RISK MANAGEMENT KEY TO THE MARKETS!
Trade closed: target reached