krugman25
Short

GOLD / GC / XAUUSD - Bearish inside bar fake-out pattern

COMEX:GC1!   Gold Futures
In this video I talk about the bearish inside bar fake-out pattern that has formed on the daily charts in the gold futures market. I cover a short educational lesson on the important of market key support and resistance levels ahead of time. Finally I cover some potential entry / stop loss / profit taking levels for short sellers.
Trade active: Entered short at 1258.40. Will be targeting the 1210-1200 region for a 1-to-4 risk/reward ratio. As always I will be actively managing this trade, especially the 1240 region where a price reversal signal would be most likely.
Trade closed manually: I have close the trade due to some very bullish intra-day price action that is occurring on high volume. I was able to scalp almost 3 handles from that trade for a small profit. Anytime there are mixed signals like this it's almost always best to reduce position side or exit all together until the picture shakes out better. We could see price pop higher from this intra-day price action, but there is still a bearish flag that is in play that I will be look to possible sell from the top of the flag channel. That analysis can be seen here
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