Expecting Gold to retest 1940 due to lower low being confirmed on 17th September. Price broke the support at 1940, took out the previous 1h low level of 1937 and went back up from there. Short entry should be around the liquidity area of 1965-1970, stoploss just a few pips above the 15th september high at 1973. Short target as mentioned is the support level of 1940 where 70-80% of profit should be taken, 20-30% can be left running risk free with stops in profit.
Trade levels assisted with Fibonacci to show the 78,6 retracement level aligning with our liquidity area for short entry.
Trade levels assisted with Fibonacci to show the 78,6 retracement level aligning with our liquidity area for short entry.
Trade closed: target reached:
Target reached without ever getting an entry from the level expected. Price rejected from the 61,8 retracement level, not providing the opportunity I looked for.