XAUUSD: BUCKLE UP BEARS! WE GOING FOR RIDE ON THIS DOWN MOVE :-)
Hey There!
I hope y'all been having a successful trade week. I started off the trade week on a bad footing as my GBPAUD trade didn't play out as I wanted it to. I definitely realize the importance of price action and that not in ALL case the "set it and forget it rule" applies.
Now to the topic at hand. I have been keeping an eye on GOLD for the past couple of days and could no longer resist this sexy little set up. As you can see on my chart the pair has been steadily trending upward. Please ignore the PANIC SELL OFF that disrupted the trend due to early onset COVID 19 in the USA, because as you can see price came back up sharply and respected the Trend until it got into the resistance zone of $1,752. With multiple attempts to break and hold above $1,745, our trusty little trendline has finally been breached. The daily chart is showing a retest of the broken trendline and I'm definitely here for it!
NB: THIS IS A PURELY TECHNICAL SETUP :-) No Fundamentals taken into consideration--But I'm hoping that the NFP will bring the MOMENTUM and set the TONE (bear) for the MONTH.
So here's my plan: Short market order at $1,717.42. Since my take profit is ALL the way at $1,580, I'm willing to risk a little more to get the biscuit, so my SL is just above the resistance point at $1,755.
Let me know your thoughts on this trade idea by leaving a comment - Let's chit chat in the comment section. Please follow me for more awesome trade ideas and to get my thought process behind my trades. Give me a like as it's really going to support my content. Share with your fellow trade buddies.
Good luck and happy trading :-)
I hope y'all been having a successful trade week. I started off the trade week on a bad footing as my GBPAUD trade didn't play out as I wanted it to. I definitely realize the importance of price action and that not in ALL case the "set it and forget it rule" applies.
Now to the topic at hand. I have been keeping an eye on GOLD for the past couple of days and could no longer resist this sexy little set up. As you can see on my chart the pair has been steadily trending upward. Please ignore the PANIC SELL OFF that disrupted the trend due to early onset COVID 19 in the USA, because as you can see price came back up sharply and respected the Trend until it got into the resistance zone of $1,752. With multiple attempts to break and hold above $1,745, our trusty little trendline has finally been breached. The daily chart is showing a retest of the broken trendline and I'm definitely here for it!
NB: THIS IS A PURELY TECHNICAL SETUP :-) No Fundamentals taken into consideration--But I'm hoping that the NFP will bring the MOMENTUM and set the TONE (bear) for the MONTH.
So here's my plan: Short market order at $1,717.42. Since my take profit is ALL the way at $1,580, I'm willing to risk a little more to get the biscuit, so my SL is just above the resistance point at $1,755.
Let me know your thoughts on this trade idea by leaving a comment - Let's chit chat in the comment section. Please follow me for more awesome trade ideas and to get my thought process behind my trades. Give me a like as it's really going to support my content. Share with your fellow trade buddies.
Good luck and happy trading :-)
Trade active:
Short market order at $1,717.42
Comment:
Sorry 😐 for the late update. Loaded more shorts at $1,695-$1,697
Trade closed manually:
Trade was closed manually as the sell at the $1,695 wiped profits from $1,717. Break even trade. I’ll be keeping an eye on this pair for my next set up.
Good Luck
Good Luck