XAUUSD-following the trend-bounce on EMA55

FX:XAUUSD   Gold Spot / U.S. Dollar
2004 8 9
The XAUUSD             is in clear downtrend so it will be better to look for shorts using your prefered trading system.
This is a short term trade based on bouncing on EMA55. I have backtested and used this setup many times before.
The price is now bouncing within a range forming a complex correction for wave 4.
We have also a trendline resistance and a strong structure above.

Price is touching and bouncing on EMA55, so i will enter short trying to make some pips.
Just in case i will open small positions aiming targets 2 and target 3

Target 1: last lows
Target 2: spike level
Targe 3: near 1040

We have NFP news on Friday so we should be careful.

Best regards

This is just and idea, not a recommendation to buy or sell.
Always do your own analysis before opening a trade.
Managing is 60% of a trade, anytime I may decide not to open, close or even stop and reverse a trade depending on price action.
Any respectful and constructive ideas are welcome (agree or disagree).
We all are here to learn sharing ideas, have fun and improve our performance.

Hi there. Just wondering about this. Are you waiting for a retrace to th 55 ema (if you haven't already entered)? Thanks for your posts, really appreciate them.
Hello, the price already touched the 55 ema, so the entry would be as soon as possible.
Marvin FullTimeTrader
Thanks. I missed it but maybe there'll be another chance.
Marvin Marvin
Just curious. You got a touch of the 55 ema on the 4h chart since you posted on Saturday? I didn't come close on my chart. I did on the Sma though. Maybe you meant that?
Hello, yes, look the chart i published above. The chart already touched the EMA 55 that moment. Its the 55 EMA (exponencial moving average).
Sometimes on other trading platforms the EMA is different, but i doubled checked on my MT4 platform also.
Ok. Ty.
Does your trade got Stopped? Looking at the chart it seems like it. Or is it still a potential trade idea? Ty.
FullTimeTrader parodoxical
WHY? the price didnt move today, the trade is still valid
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