This is a trade that I feel pretty neutral about. it can go both ways.
How ever I'm aiming short term upside and price will drop long term.
Here is my golden WHY!!!
Price looks weak how ever it does look like it can trend up to 1355.46 looks like buyers are a struggling but they are pushing up. there is a major support zone at 1344.32 and 1342.10 . Notice how price closed higher above 1344.63 there there is major support by that arrow also major support at 1342.10 is also very strong. How ever there is support at 1350.36 you could take an entry at 1350.36 and take profit 1355.46 how ever consider the zones are so strong and there is a gap at the top of 1355.46 it could be a 100 pip trade.
If price breaks out this trend like it can go up back to the resistance zone.
I would put a stop loss at 1345.12-1345.11
When your 50 pips in profit or 20 pips in profit I would set a stop loss to break even.
How ever I'm aiming short term upside and price will drop long term.
Here is my golden WHY!!!
Price looks weak how ever it does look like it can trend up to 1355.46 looks like buyers are a struggling but they are pushing up. there is a major support zone at 1344.32 and 1342.10 . Notice how price closed higher above 1344.63 there there is major support by that arrow also major support at 1342.10 is also very strong. How ever there is support at 1350.36 you could take an entry at 1350.36 and take profit 1355.46 how ever consider the zones are so strong and there is a gap at the top of 1355.46 it could be a 100 pip trade.
If price breaks out this trend like it can go up back to the resistance zone.
I would put a stop loss at 1345.12-1345.11
When your 50 pips in profit or 20 pips in profit I would set a stop loss to break even.
Order cancelled
MRXAU