Gold hard to read. Attempting to ride the 1D down trend

Continuing to try and understand the patterns that gold has been creating

Took a short at 1862 and am currently in profit with sl set at 1859 just in case we are forming a short term uptrend line as seen in my TA Represented by the small green lines.

Price is currently testing .78 Fib line after breaking it hard in the last couple hours. Im safe in this trade A.T.M and if we hit SL in profit that is fine we will look to re-enter a sell in the 1862 area where we could see a continuation of the short term daily down trend to at least 1840 TP

I can expect some consolidation within the next few hours witch is why i decided to shift my stop loss for a possible profit and re-entry. I'll continue to keep an eye on the chart, but given no fundamental effects on gold I think the high 1860's will prove to me just too much of a resistance level for the time being.

Trade Entered @ 1862 Sell stop
TP1 on current play is 1843
TP2 1827
SL: 1859 Already in profit.

Possible RE-entry @ 1865
TP 11840
TP2 1827
SL TIGHT at 1870

I am a beginner trader. This is not advice. But I want to hear what you think.

Thanks

Showing 45 M Chart

Comment:

SL in TRADE ONE hit profit $55

Now we wait for re_entry at 1865 or higher. I wouldnt recomend buying the consolidation as it could drop at any time really. We are just going to stay safe and buy at the top with a tight SL for perfect entry.

Comment:

Unfortunately I got spooked out. but my analysis was correct and TP 1 has been SMACKED might hit TP2 before the day is over. I hope people made some money.

Comment:

but please secure your profits, we might see a hard retrace back up.