Technician
Short

Gold: Potential for a Dip !

FX:XAUUSD   Gold/U.S. Dollar
3304 17 40
Looking for a re-active bounce of resistance

The price hit a key horizontal resistance outlined on chart around 1222.00, formed a hanging man and attempting to close below the low of the candle and that would confirm a possible bearish move in my view. RSI is showing a negative divergence as well..

I will wait for the running four-hour candle to close below the low of the hanging man at 1216 to initiate my short limit order for a quick reactive reversal trade. I will update when active.

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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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Technician
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moneymaking
2 years ago
Hey Technician, is the trade active now, since we got close below the hanging man candle's low. Thanks.
Reply
forex7 PRO
2 years ago
nice setup
Reply
MuathAlBulbul
2 years ago
isn't it active now?
Reply
I put a sell limit as shown on chart, at 1218.00
+1 Reply
moneymaking Technician
2 years ago
Awesome thanks Technician, Good Luck :)
Reply
MuathAlBulbul
2 years ago
On MT4, the 4 hour candle doesn't look like a hanging man :/
Reply
moneymaking MuathAlBulbul
2 years ago
Ya I totally agree. It's probably due to different platforms and brokers that give us the data. There is always little bit variation in the candles being formed. I personally like to use trading view charts, since huge amount of traders use it and therefore I feel more confident to rely on their data. Hope this Helps :)
+1 Reply
FullTimeTrader
2 years ago
Agree, i have a sunday gap on my MT4 platform, my idea is based on that
XAUUSD-filling the gap
Reply
ashif030
2 years ago
nice analysis
Reply
moneymaking
2 years ago
Hey technician, we didn't got filled in this setup, correct?
Reply
Technician TOP moneymaking
2 years ago
yes, did'nt
-1 Reply
moneymaking Technician
2 years ago
For the EURAUD trade, I had long position open yesterday and before the 9:30 pm news I decided to exit with small profit and conserve my capital. Did you also closed your position or you still in?
Reply
Technician TOP moneymaking
2 years ago
I closed half at the first target. The other half is still running
Reply
moneymaking Technician
2 years ago
Nice :)
Reply
MuathAlBulbul
2 years ago
It's like you have a time machine! haha
Great work :D
Reply
mdbutz
2 years ago
CAN YOU PLEASE CHOOSE IN GOLD ALSOW SIMBOLSE LIKE : ABX, GDX, GLD, GG...
Reply
mustafa.kalia.1
2 years ago
hello can u plz tell me where is strong buy level in gold for long term ???
Reply
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