Gold - Double Top

FX:XAUUSD   Gold Spot / U.S. Dollar
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.
What needs to happen for u to change outlook from bearish to bullish? What happens if it closes above 1360?
if it closes above 1360, the low at 1327 will be a short term low and gold might test 1375 and higher. This is all about analysis and trade plan. Once things don't go the way I have analyzed, there is still time to get out of the game.
staurum VietnamGold
so a close above 1350 would have reversed ur outlook, i guess?
1360 I guess. You do not want to set SL only a few bucks above your sell position. There is a risk that you order will be stopped once the stop is set too close. Plus I only change my short term view if gold gets above 1360.
staurum VietnamGold
roger that.... very unlikely now... so i m guessing u r shorting
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