Gold has been in this sideways range for over a year. What was considered to be a breakout that allowed it to touch the 1920 area, was indeed an Upthrust After Distribution, in my opinion. Two more followed, and I'm already shorting and in profit, since about 1900. See the chart for reference. If you like this idea, like, follow, and consider supporting me. Thank you! TrickleDown FX
@TrickleDownFX, But now gold seems bullish towards 1802. What is your comments on this?
TrickleDownFX
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@char1ie, My opinion is stay out of lower time frames and try to focus on the bigger picture, rather than chasing after small movements :)
Olavskaar
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8000 pips target with a 1000 pip SL?? Hehe, in what time you think this would happend, im just curious bcz the swap might eat up all your capital before it even reach the target?
TrickleDownFX
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@Olavskaar, The short position I placed on the chart is to evidence what I think the next downtrend will be, and where it'll lead the prices of Gold. Thanks for your feedback ! :)
Olavskaar
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@TrickleDownFX, So what do you sugest, 0.02 on a 10k account?
TrickleDownFX
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@Olavskaar, I don't suggest to invest more than 1% of your account on any trade, 3% if you're aggressive. The one above is not the trade I suggest you should take, but a general idea of where I think the next downtrend will lead the prices. :)
Olavskaar
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@Olavskaar, I know that gold is in a nice bullish now at least to 1801 area so if you buy now you can easely get 30 pip.
TrickleDownFX
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@Olavskaar, hey we all have different ideas! Thanks for sharing yours my friend.