Kumowizard
Long

Gold - Still very boring, but looks like a swing buy.

FX:XAUUSD   Gold/U.S. Dollar
441 2 7
Risk/reward is quite good for a swing long trade.

Daily:
- Ichimoku is rather neutral, as price has been swinging in and around the Kumo since March-April, with now subst. higher high or lower low. There is minor bullish bias in form of three higher lows.
- Heikin Ashi gives a bullish reversal signal. Still need haDelta confirmation. Maybe a chance for a minor short term double bottom. If the trendline and recent low ard 1170 holds, and Price breaks above Kijun, and later above Kumo, then tgt             is 1240!

4H:
- Ichimoku picture is changing to neutral. Price retesting Tenkan and Kijun after initial spike-
- Heikin Ashi gave a bullish signal in Asia session, price has been consolidating since the initial spike. haDelta/SMA3 has bullish divergence. If above zero line haDelta crosses SMA3 again, that will be further bullish confirmation.
- Next break above 1188 resistance could be the trigger for further buying.

I take this long in two chunks. 1st Long is from 1182, 2nd entry at 1189 (stop buy order). Initial Stop for 1st pos             is at 1169. If 2nd position is triggered, trail both stops to 1174.
I marked initial tgts at 1207 and 1240 to show you expected risk/reward, but as usual, I will rather use a trailing stop, not to get p. ssd             off by getting out too early.
Trade idea invalidated as Heikin Ashi gave sell signal again, and Price broke below support. First Long was taken and got stopped.
+1 Reply
bilk29
a year ago
thank you.
Reply
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