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GeorgieMort
Mar 19, 2020 11:42 AM

XAUUSD Short Short

FX_IDC:XAUUSD240
GOLD / U.S. DOLLARICE

Description

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Holding XAUUSD Short however being mindful of the psycological support level around 1470.00.

Bearinsh movement with multiple touches on the trend line, rejection of the 71.00 % fib.

Comment

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If this 4HR candle closes below 1470, I will remain bearish and aim for 0.00 fib for first TP.

Trade closed: stop reached

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Trade stopped out at 1481 for a small profit. I'll now be keeping an eye on the next 2 4HR candles as a H&S pattern has formed.
Trend Analysis
Comments
UnknownUnicorn5711331
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Your first TP here is 450 and then 413? Where is the bottom of it in your opinion?
GeorgieMort
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@john_fallon if we see a close after 1470 I will aim for early 1400’s. Difficult to say but I think there’s more downside to give
GeorgieMort
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Still no solid close over 1470, wicks don’t count. Its tested the level a few times but the bulls have stopped the close. It’s not gone through this level since Dec last year.
UnknownUnicorn5711331
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Could I kindly ask you for an update? 4HR candle you have mentioned closed nicely over 1470.
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