Gold - Double Top

Gold has made a double top at 1375. After testing support 1325-1330, gold is re-bouncing to the resistance area at 1345-1350.
Trade Plan:
- Sell Limit @ 1347
- Target 1305
- Stop loss over 1360

Real stop loss and take profit level will be calculated once trade is executed. Stay Tuned.

Comment:

Price seems like loosing steam after reaching 1344. I do not want to miss this short opportunity so I sold half a contract at 1342. If price ever reaches 1350, I will add another half contract to make the median price at 1346 for 1 full contract. One more contract is still set limit at 1347. So now the plan:
- Half contract sold at 1342.
- Sell limit at 1347, one contract.
- Sell limit at 1350, half contract.

Trade active:

Sell limit order was hit. Trade is active.

Comment:

Stop loss is set at 1360. Take profit level is set at 1310.

Comment:

150 pips so far so good.

Comment:

Here is my updated trade plan:
MA(20) on the daily chart is at 1320 so I am thinking about taking partial profit at 1320-1325 area and let the rest run till 1310.

Comment:

Take partial profit now if you want. Gold is trading at 1324/1325 now. I will take profit at 1322 for the half contract I shorted at 1342. I will let the full contract at 1347 to run till 1310.

Comment:

Took profit at 1322 for half contract sold at 1342. Moved SL to break even for 1 contract at 1347.

Comment:

I took profit on another half contract at 1325. I shorted a full contract at 1347 so I made 220 pips on a half contract. So now my position is half contract sold at 1347, stop loss break even.

Trade closed manually:

Gold seems to hold 1320 and move higher from here. I have decided to close the rest of position at 1328 and made 190 pips on a half contract.