Although many people are just looking for when to BUY gold, it is in a downtrend on H4. In addition, it is currently facing serious resistance, which we expect to push back the price. The price will be able to form new bottom at1667!
The minimum stop must be above 1764. This allows for a current ratio of 2: 1. For a better ratio, you can go on a shorter period and look for an reversal.
If you have questions about how to trade this or another situation, contact us!
Are u sure its going to retrace back n fall to 1667? So far not looking so...
If it does fall it would take at least a day not 4H??
ForexTrendline
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@ryanpope1984, Why not looking so? Moreover this is H4 chart, no one said it would happen in a day. May take a week or so, we just look at H4 to make an analysis.
Oueen
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I'm planning to enter at 1740 my stop will be 1755 will that also be okay
ForexTrendline
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@Oueen, This is a risky one, if you want smaller stop, wait for pinbar.
If it does fall it would take at least a day not 4H??