TradingView
Technician
Mar 27, 2015 12:11 AM

Gold: Possible Reactive Bounce!  Short

Gold/U.S. DollarFXCM

Description

I am looking for a short-term setback here as the price was rejected noticeably of the 50-days SMA and near the 50 percent retracement level. Stochastic enters overbought region.

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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 without triggering entry I cancel the trade
6) If 90 percent of first target is reached I move stop loss to breakeven.
7) Remember: Losing is a main part of the game
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My best regards
Technician
Comments
jangseohee
a potential HS
Technician
No valid one in my view mate
jangseohee
ok
ElPatron.Y
Remember that one when I saw it they said I'm crazy :D
Sakil_Mah
I was buy gold 3pip @1213, but i dont what i do, wati or sell? Please help me
Casey_Yeo
just thought the signal on silver looks better - pin bar at 61.8% fib + resistance zone.
Technician
Yep noticed silver as well..
IvanLabrie
Gold has a straight, no base rally...Silver has more signs of accumulation in the background.
Casey_Yeo
Great observation. What I'm seeing is false break of the consolidation earlier this week and resistance.
The big bullish candles from last week could be obstacles for shorts.
IvanLabrie
It's a tough call considering the equity situation...Let's see what happens tomorrow, if we see a nice move under the highest low, that'd confirm this trade for me.
I think dollar rally next:
tradingview.com/v/oL1EawLM/
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