see explanation below as I want to get up chart fast as things are moving fast
Trade active:
so I took a chance here, but I have good risk managing because I always do. This key #1 to being a good trader.
I altered plan. I actually took a long position at 1753, outside the lower boundary of downwedge. This is the absolute low price I would buy at.
Why did I do this? Because if you look at chart this is really the completion of right shoulder of a head and shoulder. And this is where price can reverse (or plummet!!!). This is also a decent (not great) demand zone. I do have a very tight stop loss at 1750, so low risk high reward if I ride the price back up to 618 fib. Or if I get greedy then up to the top of the yellow wedge. And then go back to my previous chart for gold and my long trigger will again be valid.
<3 Miss Bunny
I altered plan. I actually took a long position at 1753, outside the lower boundary of downwedge. This is the absolute low price I would buy at.
Why did I do this? Because if you look at chart this is really the completion of right shoulder of a head and shoulder. And this is where price can reverse (or plummet!!!). This is also a decent (not great) demand zone. I do have a very tight stop loss at 1750, so low risk high reward if I ride the price back up to 618 fib. Or if I get greedy then up to the top of the yellow wedge. And then go back to my previous chart for gold and my long trigger will again be valid.
<3 Miss Bunny
Trade closed manually:
I exited my position at 1764.40. My 1st trigger is very valid still. If my trigger is reached then I go in for long.
