Dear Traders,
Last week a solid long-trade was taken from the daily trendline bounce, after running around +400 pips in profit we decided to take partial profits and let the rest run with our stoploss at BE around that 1465 area.
At this moment, gold is sitting at the daily retracement level .618 and .75 and a third touch trendline, pushing price to the downside and sustaining the short-term daily bear trend. I am personally waiting for one more push higher to test this trendline and stop out early shorts first, after that 4hour price-action is needed to confirm the rejection to the downside and a likely downside target is 1440, which is at daily demand, -0.27 and -0.68 extention.
Best regards,
The NXFX Team.
Last week a solid long-trade was taken from the daily trendline bounce, after running around +400 pips in profit we decided to take partial profits and let the rest run with our stoploss at BE around that 1465 area.
At this moment, gold is sitting at the daily retracement level .618 and .75 and a third touch trendline, pushing price to the downside and sustaining the short-term daily bear trend. I am personally waiting for one more push higher to test this trendline and stop out early shorts first, after that 4hour price-action is needed to confirm the rejection to the downside and a likely downside target is 1440, which is at daily demand, -0.27 and -0.68 extention.
Best regards,
The NXFX Team.
Comment:
Dear Traders,
Gold played out perfectly from the daily trendline, I personally missed the trade due to my sell limit not being hit by a couple pips. I hope some banked on the couple 100 pips short move!
Best regards,
The NCFX Team
Gold played out perfectly from the daily trendline, I personally missed the trade due to my sell limit not being hit by a couple pips. I hope some banked on the couple 100 pips short move!
Best regards,
The NCFX Team
Price is creating a higher low formation and is likely to push towards that thrid touch I have been talking about. Let's see if it is reached this week. Preferably a touch of 1520 price area and clear bearish 4hour patterns for short opportunities.
Due to a lot of uncertainty regarding the Dollar atm, gold might push higher and break it to the upside, therefor be patient.
In trading you don't need to jump in trades, you need a high strikerate on your idea's so being patient is always the best thing to do. Execute when you need to but only when you trust your analysis.
Best regards,
Max Nieveld
& The NCFX Team