Gold: Trend-Following Short Trade

FX:XAUUSD   Gold Spot / U.S. Dollar
2746 7 25
*Update: Stopped out...
Gold             failed at the main descending resistance for the overall bearish trend , where price headed back to settle below the 50-days Simple moving average . Today, the price dipped below 1186.00 near term support, where stability below the latter has confirmed a minor head and shoulders top pattern. Accordingly, am looking to short the metal near that broken support around 1186.00. The trade comes in the context of my longer term outlook which you can check in the related ideas below..

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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
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
I teach my experience conclusions in 10+ trading strategies. PM me for details and cost.
If the big fat lower uptrend channel fails to support, aplenty of sharks down the accelerated red channel waiting
tnx.its usefull
this would make a nice xau put (buy) option.
nice one!
thank you.Gold price will increase to 1267 or higher early ?
Well spotted. Below 1168 in Daily Close, it can really be in for a rough ride with target 1000/880 as final..
Hey Technician, hopefully this one goes our way. Thanks for sharing.

Good luck trading!!
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