The chance of opening a successful trade after closing a winner one in the same vehicle is very small.
So this trade is more like gambling than trading. If you take this trade you shouldn't go more than 5-10% margin impact.
I think market will forget about FOMC very soon : in this trade I will try to catch gold's bounce into the French elections.
The Federal Reserve on Wednesday left the cost of borrowing unchanged and dismissed a weak first quarter as temporary, signaling it is still on track to raise interest rates at gradual pace. The first quarter was weak. I think they already know Friday's NFP number : it's a weak number this time. A weak NFP number with the upcoming french elections would be a good catalyst for a gold bounce.
4 hrs chart's RSI at the level where DCL formed the last 2 times.
Also notice the H&S pattern forming at the end of this 4 month rally.
NEW LONG ENTRY up to 5% margin impact in XAUUSD.
So this trade is more like gambling than trading. If you take this trade you shouldn't go more than 5-10% margin impact.
I think market will forget about FOMC very soon : in this trade I will try to catch gold's bounce into the French elections.
The Federal Reserve on Wednesday left the cost of borrowing unchanged and dismissed a weak first quarter as temporary, signaling it is still on track to raise interest rates at gradual pace. The first quarter was weak. I think they already know Friday's NFP number : it's a weak number this time. A weak NFP number with the upcoming french elections would be a good catalyst for a gold bounce.
4 hrs chart's RSI at the level where DCL formed the last 2 times.
Also notice the H&S pattern forming at the end of this 4 month rally.
NEW LONG ENTRY up to 5% margin impact in XAUUSD.
Comment:
We are at the trendline.In the previous idea I mentioned it was my primer target at FOMC.
Comment:
I'm waiting for a dead cat bounce as the right shoulder.
And a final plunge down to the intermediate low...
And a final plunge down to the intermediate low...
Comment:
I think we are going to have a hammer by the close. And the close will be above the trendline.
Trade closed manually:
We are flat in gold.