Reason for trade:
- Massive red daily candle rejecting trendline resistance.
- Signs of potential continuation to the downside (flag)
- RSI and Stoch RSI support broken
- 4 confluent resistance factors make bearish continuation most likely outcome.
Target: a retest of weekly 200 MA (gold)
SL: 3800 -
Allow a wide SL due to potential volatility, especially with the potential for weekend manipulation.
4 Hr Chart
Weekly Chart
- Massive red daily candle rejecting trendline resistance.
- Signs of potential continuation to the downside (flag)
- RSI and Stoch RSI support broken
- 4 confluent resistance factors make bearish continuation most likely outcome.
Target: a retest of weekly 200 MA (gold)
SL: 3800 -
Allow a wide SL due to potential volatility, especially with the potential for weekend manipulation.
4 Hr Chart
Weekly Chart
Trade closed manually:
22/01/2019 21:11 - Closed manually at 3556.5, after what looked like some bullish price action.
