ChuyChewy

Gold double bottom, Possible rocket? or Faulty break out?

FOREXCOM:XAUUSD   Gold Spot / U.S. Dollar
Hey Guys! We got the 3rd post! Whoo-hoo!!... im so lame... Anyways, I was looking at gold recently, and I do see a double bottom forming, Now, is this a potential buy? Well, let's see, We have a double bottom , that's 1 confirmation, we have a shooting star or hammer if you wanna call it, that's 2 confirmations. I also have something on my MT4 Terminal that helps me find other confirmations, which is 3 confirmations... So why am I being neutral? Its because this is a bit of a riskier play, I'm not too comfortable to take this trade on my own because we do have a strong resistance highlighted, also if it bounced off the 30 fib, then it may be an aggressive reversal. Another is, there is 2 pivot point as well that are marked as resistance, this is all to stong. But you guys would like, You can jump in this trade for a buy, I would suggest 0.01 and putting your stop loss near the big wick or so. As soon as it started to gain some good profit or if it breaks through the resistance (baby blue line), I would recommend you guys to put your stop loss to breakeven, just to be safe. Tp should be set around the majority of resistance. Please manage your risk and you don't have to necessarily copy what I am saying, if you're uncomfortable to take the trade, please do not take it. Happy Trading!
Sep 05
Comment: As you are reading this, Gold did push up a bit, so be cautious
Sep 06
Comment: I was informed by someone in the comments and my group that NFP is coming tomorrow or tonight or whatever, but it’s coming in a few hours. Please don’t take the trade if u don’t feel comfortable.
Sep 06
Trade active: Currently it just fell to the wick so I hope u guys did put a 0.01 and only low a few.

Comments

I think gold will go to 1543.76 then jump down
Reply
ChuyChewy Khaizuran170810
@Khaizuran170810, Its a possibily but it would have to break through the hard resistance
Reply
@ChuyChewy, nfp is coming so I think its going to be easy to break it
Reply
ChuyChewy Khaizuran170810
@Khaizuran170810, wow I forgot about that
Reply
Lkainoa ChuyChewy
@ChuyChewy, you put your hard resistance at the light blue line?
Reply
ChuyChewy Lkainoa
@Lkainoa, oh no, I might have not been clear, I meant the hard resistance that has the highlight, with pivot points, I consider that a hard resistance. The blue line is a resistance/neckline to the double bottoms, I’m sorry if it was confusing, should have been more clear. Though I was just informed by someone and my group that NFP is tomorrow, so be cautious
Reply
Lkainoa ChuyChewy
@ChuyChewy, okay, that makes more since. And I also did not see the highlight. My bad! Thank you!
Reply
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