The pair has again tested the resistance and it has not managed to break it on the four hour chart. The resistance has hold true for three times and although i am short on this pair, it is time to start rethinking. My bias is still short, because i am already in the trade from last week, but i am thnking of a huge retracement with the overall trend to the...
In the last few days, gold has been in an upward momentum and i am expecting it to continue the upward movement. In case it reverses and and takes out today opening price to the downside, then the stop will be hit and we will no longer be in that trade.
I will be trading the trend, though it seems a little bit late. Looking at the weekly TF, My bias is to the downside therefore the trend will continue. Take profit may not be hit, therefore i will break even when i am fifty pips up.
In My analysis i have put a huge stop loss of about one hundred pips, This is me playing safe but i do not think it will go that far. My bias is that it will adhere to the channel and continue with an impulsive move to the upside. If it goes against me by about fifty pips, which i doubt, i will close the trade.
EURUSD having broken the trendline sometime back, i have confidence that it will find its way to the upward trend and continue with trend,
Please note that this is a bit risky and might not materialize.