Gold looks like its breaking out of a bull flag on the 4HR so I've dropped to the 1HR to see what I can find.
I'm looking now for my next confirmation which is a break in key resistance at approx $1733.
A close above this level will give me a signal to enter a long here with my main target being the top of the flag.
Trade Specifics:
ENTRY - $1734 TP1 - $1751 TP2 - $1764 TP3 - LET RUN. Daily resistance above these levels sits around $1796, which I will push for. SL - $1715 R : R - 1 : 1.6 approx. Slightly better if targeting the daily res up higher.
PS - If you are targeting the daily res at $1796, I would be inclined to put my Stop Loss down to $1710 for safety, its affordable.
Reminder - this is not financial advice, simply an idea. Please do your own research before entering any trades and ensure you use risk management such as stop losses.
Remember, there is only 5 outcomes when you enter a trade:
1. Break Even 2. Small Win 3. Small Loss 4. Big Win 5. Big Loss
Eliminate #5 from your future options.
Happy Hunting!
Trade active
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Trade activated last night... Screenshot from my phone in the comments below. Bar replay here:
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Unfortunately we fell back under the support we had just broken. Likely because the breakout wasn't too strong. However, still respecting the trend and previous support, so I'm happy to remain in the hunt... SL is well clear. Let it ride.
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Patience is a virtue. we are moving.
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Toying with my profit margins...
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Moving well, but we need to make a new higher high. Staying tuned...
@jcccheung21, Use the little camera button top right of the chart to generate a link to a screenshot and then paste the link in the comments.
glennleese
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@jcccheung21, this is what I'm looking at for silver. I see a retest of the yellow zone and then I'll be looking for a long based on the targets shown. Haven't looked into the longer term just yet, but a short term trade is on the cards
jcccheung21
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@glennleese, I see. I sold some of position in PAAS hoping for a drop back down to the lower bound of the ascending channel :(
glennleese
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@jcccheung21, It's good to sell and clear some profit to look for new entries. As long as you are taking profit, all is well!