1250 Held as a support even with a strengthening dollar and I continue to see that as a floor. Long from 1261 with tp at 1290 and a sl at 1248 - a 1:2.5 risk:reward. I expect the tenken-sen in the daily chart as a support as well. A test back into the ichimoku cloud is expected before a continuation of a trend or a reversal. A tp at 1290 is set before a test of 1300 resistance.
This is the first time I'm publishing a long term idea on gold and with a strengthening dollar, a worrisome one. That said, I'm giving myself a 1% risk on this trade (losing only 1% of my capital of it hits stop loss). Lets see how it plays out!
This is the first time I'm publishing a long term idea on gold and with a strengthening dollar, a worrisome one. That said, I'm giving myself a 1% risk on this trade (losing only 1% of my capital of it hits stop loss). Lets see how it plays out!
Trade active
Comment:
Bulls have defended the downside today with positive US data, catching some souls left behihnd at 1260. Now, when mayhem breaks lose (Clinton's email) gold freely shoots up! Here we go guys, almost there!
Trade closed: target reached:
Longest trade I've taken. It's been really hard on me psychologically this one as I see so many opportunities to exit and reenter to make more profit. I have to have more of this long term trade when I see one as to train my psychology. That said, I'm quite proud of this achievement. A good case study to learn from! Staying away from the market right now as exams are coming. It'll be an interesting week for the market though. So exciting!