GOLD has a traingle pattern to the end, and it is likely that we could see the breakout today. As the main trend is downside, I would like to look for short signal only. If the price could break the green trendline below decisively and test some horizontal supports there, I would like to enter short when it breaks today's low after some consolidations. Though there may be an horizontal support below at previous low, it is not that important with trendline and trangle pattern broken, but maybe we can choose to protect the position when price reaches there. Let's see what will happen today. Do trade following the plan.
Trade active:
Enter short at 1066.7 and SL has been moved to BE.
Comment:
Previous low support has been broken, I may choose to close this position at first target, today's adr, at around 1160.5. I will also close this trade if price goes back and stands above around 1164.5 level.
Trade closed: target reached:
Big movement happens. As adr has been reached, I've choose to close this trade at around 1157. Using 30 pips risk to achieve more than 100 pips profit in few hours.