Gold is on a downtrend, below the 200MA. On the higher daily timeframe, price broke support turned resistance.
I'm looking for an entry on the lower 4hr timeframe. A bearish flag pattern has been formed.
Entry: Sell stop entry at 1295 region after price rallies low
SL: 1ATR above bearish flag high at 1311.81
Exit: Trail if price closes above previous weekly candle high
I'm looking for an entry on the lower 4hr timeframe. A bearish flag pattern has been formed.
Entry: Sell stop entry at 1295 region after price rallies low
SL: 1ATR above bearish flag high at 1311.81
Exit: Trail if price closes above previous weekly candle high
Trade closed manually:
Price filled the stop entry order and went back up into a consolidation stage. I am not comfortable with this trade and exited manually with a 0.2R loss.
Lesson learnt: to place the sell stop order further away from the end of wick, or to wait for a candle close with price confirmation before entering the trade.
Lesson learnt: to place the sell stop order further away from the end of wick, or to wait for a candle close with price confirmation before entering the trade.