Reason for trade:
- Massive red daily candle rejecting trendline resistance.
- Signs of potential continuation to the downside (flag)
- RSI and Stoch RSI support broken
- 4 confluent resistance factors make bearish continuation most likely outcome.
Target: a retest of weekly 200 MA (gold)
SL: 3800 -
Allow a wide SL due to potential volatility, especially with the potential for weekend manipulation.
4 Hr Chart
Weekly Chart
- Massive red daily candle rejecting trendline resistance.
- Signs of potential continuation to the downside (flag)
- RSI and Stoch RSI support broken
- 4 confluent resistance factors make bearish continuation most likely outcome.
Target: a retest of weekly 200 MA (gold)
SL: 3800 -
Allow a wide SL due to potential volatility, especially with the potential for weekend manipulation.
4 Hr Chart
Weekly Chart
Trade closed manually
22/01/2019 21:11 - Closed manually at 3556.5, after what looked like some bullish price action.
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Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.