Egocentric_Economist
Short

XAUUSD ( GOLD ) - Massive Short ( Full Description)

OANDA:XAUUSD   Gold Spot / U.S. Dollar
Welcome to The EgoMist Financial Experts!

-XAUUSD- GOLD-

-Fundamentals-
Due to political situation and virus boom, investors started to redesign their trading basket, and as traditionally they will push more on GOLD .
We almost reached the HIGH of 2012 , but before we gonna do that - it's time to retrace ( fix part of their run ), also there is a deficit of liquidity ( buying power).


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-Technical Analysis-
We stuck in triangle caused by:
1- Major Bullish Trend Line with more than 7 hits already
2- Local Bearish Trend Line with 2 touches


Usually in such kind of situation we will see a FALSE Break-Out of Local Bearish Trend Line at the 4th Touch!
-That's why we set our SELL LIMIT orders:
1- Short-Area #1
2- Short-Area #2


With Logical Take Profits at Supply-Demand Zone and Local Liquidity Points!

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-Indicators-
EgoMist Divergence:
1- Points for Sellers Power - RSI hardly go above 50 levels zone.
2- At the Fake Break-Out we will see a good divergence ( Price Structure already points at it and formed best conditions)


EgoMist ATR
1- Above the Price we have Monthly and Weekly Zone which represent strong resistance
2- Our next Weekly Zone will be lower than previous one!

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Conclusion:
1- We have already opened few short with small lots since current Risk is High and Stop Loss is Huge
2- We set a 2 SELL LIMIT orders above with amazing RR
3- We have a cover HEDGING Trade in case of loss - At false breakage of HIGH 2012


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Thank you!
Trade closed: target reached: Easy Run =) Sad that price didint went up towards our SELL LIMIT ORDERS!

Comments

Good analysis....
Reply
@Alamin027, thank you) I hope you took it as well, was easy run for us :)
Reply
As expected mate ! great job !
Reply
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