1H chart strategy on gold

the ascending channel is our key

1. 
   

first scenario price will close below 1984$ and close below channel. we go for short


second scenario price will hit the baseline around 2003$ then drop. we go for short

in first scenario stop loss would be above 1984$

in second scenario stop loss would be above 2006$


target in both scenario in the case of drop is around 1960$ ( 1962$~1958$).

closing above 2006$ will invalidate our trade strategy.



Enjoy the market

Trade active:

so right now based on the strategy our short position triggered, however in bigger timeframe things may change and bulls get stronger . if the price don't back into the bigger channel ( descending channel on my chart) and closed above 2006$( our stop loss) then it is wise we change our position to long with the target on my chart.