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Analysis done on the daily/4H timeframe. I've drawn out some key support and resistance (S&R) levels, key supply and demand (S&D) zones, as well as a trendline. Price is currently move in an uptrend, and due to recent GBP weakness, price has come down to a good area to buy from.
As you can see, i've entered lightly above my S&D zone. I got confirmation for my entry due to price action but i shall be setting some buy limits further down into my zone should price come down so far (risk will be managed since the amounts of pip being risked at the bottom of the zone will be a lot less than from the top).
The key S&R levels will be used as target points. My long-term aim is to swing GC back to the top, but i shall be taking profits along the way.
Updates to follow, follow me to see them.
Analysis done on the daily/4H timeframe. I've drawn out some key support and resistance (S&R) levels, key supply and demand (S&D) zones, as well as a trendline. Price is currently move in an uptrend, and due to recent GBP weakness, price has come down to a good area to buy from.
As you can see, i've entered lightly above my S&D zone. I got confirmation for my entry due to price action but i shall be setting some buy limits further down into my zone should price come down so far (risk will be managed since the amounts of pip being risked at the bottom of the zone will be a lot less than from the top).
The key S&R levels will be used as target points. My long-term aim is to swing GC back to the top, but i shall be taking profits along the way.
Updates to follow, follow me to see them.
Trade closed: stop reached:
Setup invalidated due to sudden CAD strength.