jacmic

This is why I long Gold short term

Long
FX:XAUUSD   Gold Spot / U.S. Dollar
Quite strong 4h bullish candle moving above downtrend line and previous structure.
Closing this way, I will be looking for a test to 50% fib retracement and buy.
May not retrace a lot having the current downwave already being able to go quite far.
Bullish divergence on RSI .

Target: 1480, about 50% fib retracement of main down-movement corresponding to latest daily support.
The latter has been respected quite well for over 3 months.

Stop loss: below the 4h break-out candle.

If it gets close to target, price action will monitored; may use a trailing stop if uptrend looks strong.
Main weekly trend is still up so I would rather focus only on buys with gold .

Reward/Risk: about 7.5
Will take some profit along the way to possibly enjoy a risk-free trade.
Never knows if a new weekly wave is borning now after 2.5 months consolidation.

Lot size: 2% of capital

This is just my view and not a financial advice.
Trade with care!
Comment: Going quite well so far, I am booking some profit now as it is half way to my target.
Comment: Taking some profit at 0.382 fib retracement of last bearish wave (level on the chart), price may pull back now: ready to buy some more if I see lower price.
4h uptrend looks solid so far, short term focus on buy.
Comment: Fibonacci theory never stops to amaze me.
Price came back to perfect 0.618 retracement and bounced strongly from there; the strategy to sell some and buying again at lower price is paying well so far.
Comment: Best thing was not being hit by a few pips after having moved stop loss to entry point.
Comment: 1475 is currently trying to confirm itself as good resistance, it happened already twice; a red candle may be printed.
Considering the uptrend started from 1445, price ran 30 usd already.
Will see how current candle closes: if following one breaks its low I will book some more profit expecting the price to move lower.
Still focusing on long, I may consider to buy again if price retests 1456.
Comment: Hit break-even stop loss.
This is why it is very important to take partial profit along the way especially if initial target is far from starting point.
Positive trade!
Comment: Final target missed by only 2 usd out of 25.
About 90% hit

Comments

1475 is currently trying to confirm itself as good resistance, it happened already twice; a red candle may be printed.
Considering the uptrend started from 1445, price ran 30 usd already.
Will see how current candle closes: if following one breaks its low I will book some more profit expecting the price to move lower.
Still focusing on long, I may consider to buy again if price retests 1456.
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jacmic jacmic
@jacmic, sorry, wrote in the wrong field
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