Now what we see here is COMPRESSION INTO DEMAND. So we see buyers keep buying until price reaches too high for buyers to buy and sellers come into the market.
On the 28th of Feb, we saw Gold begin its decline and that is where price is heading to now before it meets its demise and fall once again.
Risk to Reward ~6
In my humble opinion, put a sell limit in that zone and forget about it. The SetAndForget Life. Lol. And you can place stoploss at the top of the zone.
Apply proper risk manangement if you are taking this trade. This will turn out to be a long term trade eventually but for intraday traders, this trade should suit you well.
Just be patient and you will be rewarded.
Til we meet again
Hold til the right shoulder is formed.
If you took the trade at this position i posted.
We are up 280 pips right now and still holding with stoploss in profit.
But we are still deep in profit. You have the choice to close manually now or wait for TP.
Gold gave us golden pips this week!
Enjoy the weekend!
A whopping 380 pips, not bad... Not bad at all.
Thank you to all who stayed with me. This is Gold literally, it will treat you well
Until next time, take care!