GOLD Long - continuation or not= Lets wait and see
Hello all - DuncanForex with another trade idea.
After closing my Gold trades at 1419 today (when previous low was broken) following entering at 1393
I am looking to see after a retracement if price will continue higher following a bounce on the trend line around the 50% to 61.8% retracement area.
If the trend line is broken I may look for bearish signals, however if this plays out, I will be looking to go long
I have buy limits at the 61.8% retracement level with a reduced risk profile, however will look to enter properly once I have price action confirmation to continue long
Even with strong NFP and CPI, I think the FED will do something that the market isn't pricing in and it will catch a few traders out, when the market looks to re-position the dollar accordingly.
Thanks for looking, website coming very soon.
Duncan
After closing my Gold trades at 1419 today (when previous low was broken) following entering at 1393
I am looking to see after a retracement if price will continue higher following a bounce on the trend line around the 50% to 61.8% retracement area.
If the trend line is broken I may look for bearish signals, however if this plays out, I will be looking to go long
I have buy limits at the 61.8% retracement level with a reduced risk profile, however will look to enter properly once I have price action confirmation to continue long
Even with strong NFP and CPI, I think the FED will do something that the market isn't pricing in and it will catch a few traders out, when the market looks to re-position the dollar accordingly.
Thanks for looking, website coming very soon.
Duncan
Trade active:
Fibonacci moved to most recent low - price is currently at 61.8% level
Comment:
Price is very bearish(Strong) heading into the area - so we will see how it reacts
Trade active:
more positions added at 1407.3
Trade active:
trades running well
Trade active:
after a long pull back - price bounced off the 61.8% retrace for a double bottom and has taken off higher
