Kumowizard
Long

GOLD - Swing trade buying opportunity with good risk-reward

FX:XAUUSD   Gold / U.S. Dollar
87 2 1
Certainly, gold             had a very nice run this year, and of course it has become overbought. We saw a correction from the tops, but ard             1326-1330 there is a good support level (recent uptrend + horizontal on Daily chart ). You could ask me why I would like to go long here, when on the 4 Hrs             trading time fram the price is clearly below the Kumo, and also other Ichimoku components look bearish . Well that is true, but the higher time frame is still very much bullish , and here is the trend line very well visible on 4 Hrs             as well + Stochastic is preatty much oversold. It is often a big mistake for those who trade on Kumo breakouts, that they don't wait until the price penetrates the previus Key Support/Resistence! That is always essential to validate a change in the direction of the trend! This Key support is here ard             1325-1330. Strategy is go long with stop 1320, tgt             1355 - 1360.
The trade is closed out on a trailing stop at 1333,50. Counter long recommendation is not valid any more! Gold will likely be under more bearish pressure.
Reply
I am in this position, but depending on the open price, I recommend to move stop up to the opening level from the 1319-1320 initial stop.
Now I follow this trade on my 15 mins, Ichimoku setup. In case it breaks back below the Cloud (currently Senkou B - cloud bottom is at 1331, I would rather close it, since the higher 4 Hrs time frame is bearish, and the original idea was only a contra trade. If px action is bad, just forget it and get out at 0 P/L.
Reply
United States
United Kingdom
India
Deutschland
France
España
Italia
Polska
Türkiye
Россия
Brasil
Indonesia
Malaysia
Việt Nam
日本
한국
简体
繁體
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Priority Support Contact Support Ideas Published Followers Following Private Messages Chat Sign Out