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
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!