fxstudent299
Long

LONG GOLD – get ready for a SHORT SQUEEZE or even more

FX:XAUUSD   Gold Spot / U.S. Dollar
87 1 1
Trading idea on 1h chart:
LONG GOLD             – get ready for a SHORT SQUEEZE or even more
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Trading setup: trade entry 1.093, Risk-Reward = 2.00
SL@ 1.069 (-24), TP@ 1.141 (+48)
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GOLD:
- most news and analysts are very bearish after recent plunge (most recent money on short side -> late entry shorts are often weak and easy to squeeze)
- 2 double bottoms: first on 1h chart and the second on 4h/1d chart
- IMPULSIVE move above the downtrend line on 1h

If we move very fast towards the 1.141 (within 2 trading day or less), so in a impulsive way, I would close only half position as the move over 1.150 would confirm a false break down on the daily chart and hence a much bigger upmove could be starting right now.
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Disclaimer: There is a very high degree of risk involved in trading forex, trading on margin and trading at all. I assume no responsibility or liability for any trading or investment results. My posted statements and charts may unintentionally include inaccuracies. All content posted is for educational purposes only and is not a financial advice. The presented set-ups are not solicitations of any order to buy or sell.
Full position closed at 1.141, but will looking for an long reentry if:

1. there is a corrective retracement to 1.124 (entry on first pin bar on 1h chart), or
2. there is an impulsive breakout over 1.144 (entry on retest of 1.144-1.150 area with a pin bar or bull flag on 1h chart)
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