Today is a US and GBP bank holiday, where there will not be much volume in the markets. However the past 4 1H candles have been rejecting the weekly resistance level . This is a very key Resistance as it has been rejected in the past a few times (3) and i want to capitalise on that. As long as price respects and doesn't break the previous high on the daily, it should continue to fill the range below which explains my SL and TP position. Position taken on break of the current 4H low.
Trade closed: target reached:
REFLECTION OF TRADE
Price first reversed, but our stops were at a very strategic location at the high of the daily which price never broke and kept our trade valid. Price pushed lower with shocking amounts of volume considering it was a US bank holiday not sure why but it was a very clean move to the 1800 mark. Overall, it was a very clean price action from gold this new years and very much looking forward to this year!
Price first reversed, but our stops were at a very strategic location at the high of the daily which price never broke and kept our trade valid. Price pushed lower with shocking amounts of volume considering it was a US bank holiday not sure why but it was a very clean move to the 1800 mark. Overall, it was a very clean price action from gold this new years and very much looking forward to this year!