Technician
Long

#Gold Forecast: Bullish Rebound! #forex

FX:XAUUSD   Gold/U.S. Dollar
2971 31 39
Update: The trade is active
Update: Stopped out

Regardless of the latest strong bearish wave, the structure of higher highs and higher lows hasn't been broken yet, as the latest higher low is still intact and that keeps the short term bullish trend valid and hints a potential rebound as price attempts to maintain this structure with a new higher low. Having that said, i was looking for some bullish rebound signals that i could speculate on, what we have is : Multiple pin bars at the 61.8 key retracement level and near the rising trend line .. I am long from 1205 in my personal account, however i placed 1200 as an entry point for this idea for a more optimum trade in terms of a better risk-reward...

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Trading Criteria:
1. Trades are taken in two units
2. First unit would be closed at first target
3. Stop loss is then moved to break-even
4. Second unit would be closed at second target
Notes:
5) If 90 percent of first target is reached I move stop loss to breakeven.
6) If 90 percent of first target is reached without triggering entry I cancel the trade.
7) Remember: Losing is a main part of the game
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Good luck, keep your stops tight..
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Technician
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Skype: Technician - The forex channel
Pity about the NFP today... That's what I meant by the vague waiting by the campfire comment. You got first target though :)
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How many shares are you promised?
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lol, why you love to be vague....
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It's a way of saying yeah lets wait. Gold is tricky. Short sharp moves which are nice to catch if you can but not many do. You used to of course but not anymore. Isn't precision permitted anymore?
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mmmm, naah, its just a phase...
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Lets cook some marshmallows on the campfire
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Mate, you say strange things that i don;t understand ;p
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HexVex Technician
:D It's true. It's a tuesday. You buy what everyone else flushes down the hole and hope you dont get sick. It always makes me want to puke :)
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Not sure what you really mean or intent... Do you mean that my trades always makes you want to puke ?
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The trade is active
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