Price action has created a potential bearish continuation, which needs to break out of the blue trend line for further confirmations, but we decided to go short after numerous rejections of the 61.8% fib level from the recent price action high to low.
The Risk Reward is very solid even at TP1, but we are pushing for TP2 as we could see the previous strong resistance, now a support, act like a magnet for the profit-taking of the ALL TIME HIGH Gold has reach recently.
In anycase, we like to trade to make money, and not just for the ego of being right... so if this setup fails we will look to go long (if there are valid confirmations to go long)
As you can see... we keep it short unlike our Elliot Wave friends who like to right books about a trade.
"Successful trading is simple, not rocket science."
Comment
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We took an inital SL on this trade, but after the rejection of the 30% of the recent high to low and the big rejection candle on the 4H we re-entered after the trendline broke out!
We are holding to TP#2
Trade closed: target reached
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Take Profit 2 was reached. We are done with selling.
@qayyum17, haha thanks :D We work hard! Did you see the other idea we just released on EURJPY? Also join our trading room if you're into learning more!
petercollinsemehelu
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you are genius I sir when do you think we can be looking for buy
PrimedGroup
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Hey @petercollinsemehelu, thats a great question, and one I don't have an answer to right now. I do not do predictive analysis, I just follow the markets and look for my patterns then I react to towards what I see on the charts.
We have 3 accounts, one for Day Trading, one for Swing Trading and one for Trend Trading... they all follow the same process, being proactive to the charts and follow only the specific patterns we look for. Our only mission is to make a profit, we really don't care about "predictions".
But I will take a look at longer charts for you and reply to this message again soon!
PS: you can join our community for more information head to our website!
Subrato-Nandi
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nice👍
PrimedGroup
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Hey @Subrato-Nandi, thanks for the comment! (they inspire us to be more active and do better :D )
keviss
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good point of view
PrimedGroup
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Thanks @keviss, we took an SL initally here, but went in again after the rejection of the buyers on the 4H chart... we are holding to TP #2 so far!