Gold_GC_Short_Double Top with Gaps_Too good to miss!
Updated
Gold is forming a double top that looks awesome! GC has a historical pattern of double topping, particularly at these levels not only by the first top shown but other reversals throughout history. Notice the gaps approaching the high and the gap after the high. Both are almost identical in price and structure.
I will be getting short Gold and have laid out two entries. On smaller time frames Gold has already fired a perfect sell signal that played out 1x1 perfectly. That being said I love to take entries when stops are being hit. If price will give me the chance I'll risk 1 contract at the strategic entry and 1 contract breaking through the low as an aggressive entry.
I'll ride it out to T2 and trail from there.
Strategic entry 1356.1
Aggressive entry 1340.3
T1 1314.1
T2 1287.9
T3 1261.7
Stop at 1366.5. Hopefully we don't need it.
If you found this analysis useful or thoughtful Likes/Comments/Follows are much appreciated!
Disclaimer: Oanda data shown. Material is educational only. Trade at your own risk!
I will be getting short Gold and have laid out two entries. On smaller time frames Gold has already fired a perfect sell signal that played out 1x1 perfectly. That being said I love to take entries when stops are being hit. If price will give me the chance I'll risk 1 contract at the strategic entry and 1 contract breaking through the low as an aggressive entry.
I'll ride it out to T2 and trail from there.
Strategic entry 1356.1
Aggressive entry 1340.3
T1 1314.1
T2 1287.9
T3 1261.7
Stop at 1366.5. Hopefully we don't need it.
If you found this analysis useful or thoughtful Likes/Comments/Follows are much appreciated!
Disclaimer: Oanda data shown. Material is educational only. Trade at your own risk!
Note
Adjust the chart on the left to see both tops.Trade active
Aggressive entry entered.Trade closed: target reached
T1 reached.Note
What a serious reversal gold has had. Luckily the position is break even if gold takes out my stop above the high. This is quite the move when last week indexes were down big and gold practically unchanged....Cant help but feeling like maybe its another opportunity... The original entry is now at a loss and we are close to the strategic entry. Perhaps if the market starts looking heavy into tomorrow I'll think about shorting but for now, I'm holding half the original position for T2 or stoploss
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