Greeting.
After todays CPI news. Gold made a new local top in the latest bullrun. Right now the price reached an important 4H orderblock/supply area and I expect a retracement of 50% of the previous bullish impulse ($1760 area).
If we are lucky enough we can even hit the daily demand area that coincides with a strong FIB level. A potential confirmation for me will be a Daily candle close underneath the upper channel line.
In this regard, I am preparing to enter a short trade.
Trade details:
Entry: 1892.50
SL: 1905.10
TP1: 1760
TP2: 1700
RR: 1:12
Risk: 1% account balance
Disclaimer: This is not a trading signal or financial advice. It is only a potential trade that I'm looking at. I encourage you to always do your own diligence and not jump in blindly.
After todays CPI news. Gold made a new local top in the latest bullrun. Right now the price reached an important 4H orderblock/supply area and I expect a retracement of 50% of the previous bullish impulse ($1760 area).
If we are lucky enough we can even hit the daily demand area that coincides with a strong FIB level. A potential confirmation for me will be a Daily candle close underneath the upper channel line.
In this regard, I am preparing to enter a short trade.
Trade details:
Entry: 1892.50
SL: 1905.10
TP1: 1760
TP2: 1700
RR: 1:12
Risk: 1% account balance
Disclaimer: This is not a trading signal or financial advice. It is only a potential trade that I'm looking at. I encourage you to always do your own diligence and not jump in blindly.
Trade active:
Entry: 1892.50
SL: 1905.10
TP1: 1760
TP2: 1700
RR: 1:12
Risk: 1% account balance
SL: 1905.10
TP1: 1760
TP2: 1700
RR: 1:12
Risk: 1% account balance
Trade closed: stop reached
