XAUUSD Double Top Pullback April 3-7 Trading Plan Short

GoldOANDA

Description

⋅ Apr 1, 2017 5:19 AM

OANDA:XAUUSD looks like it got rejected once again by the Wall of Trump resistance and needs one more pullback in my opinion

4H Timeframe View:

It broke below the 20MA/50MA and looks like a hammer was formed which indicates a possible top formation

Short: 1249.240
Stop: 1254

Target 1: 1234

The 200MA at the 4H Timeframe might provide decent support so I might take partial profits on this location

Target 2: 1229

20DMA/50DMA are converging on this area so it might provide stronger support compared to the first target

Target 3: 1225

The daily support trendline should be here so it needs to consolidate/bounce on this area if OANDA:XAUUSD is winding for a strong bull move

Any feedbacks are appreciated!

Trade closed: stop reached

⋅ Apr 4, 2017 2:26 AM

Lets see if i shorted too early or just plain wrong