A retracement is a minor pullback or change in the direction of a financial instrument or Retracement happens when the price reverses near the pivot points of support and resistance levels. Indeed I am going against the Daily bullish trend. Stop loss obviously placed slightly above the resistance, and take profit slightly before the support. Thank you #agofx #gbpusd
As per our strategy Gold is still bullish. We are now at support area (purple rectangle). BUY GOLD NOW (1987.00) STOP LOSS (1980.00) TAKE PROFIT (2004.00) Trade wisely at your own risk! Thank you.
Double top formation in a established bearish market gives us an opportunity around price 1827.5. Wait for confirmation after the penetration of the yellow dotted line. The purple rectangle is a previous area of Support that is now our Resistance. Take profit on the pink descending Trend line. Thank You. XAUUSD SELL: 1827.5 STOP LOSS: 1830.5 TAKE PROFIT: 1822.0...
Being bearish on the daily chart I have identified the resistance area that is a previous support (purple rectangle). That is why I can enter the market now with a short position.