Short
GOLD SHORT - 1st of March, 2023
Updated
As can be seen in the chart it is used a Fib Retracement on the 1H chart. That gives us a bigger picture of the GOLD's trend, additionally can be concluded that we are now at the level of Fib retracement of 0.618, meaning the probability of going in our direction (short) is highly likely.
In that sort of speaking, entries from 1830-1834 are looked up and trading positions are currently open at the moment of writing with SL of 1842 (SL is designated to give a little bit of room for movement over the resistance of 1840.
Risk management is considered to be 1:1 for TP1 and 1;3.5 for TP2. This trade might be taking a long time until it reaches its desired TP's so be patient.
If we consider the news later today at 15:30 GMT +0 about Crude Oil which might highly impact the trade direction just for a fraction, however, SL might be adjusted to absorb the movement upwards and then continue downwards as planned. This is a riskier trade if taken before the news today but we will also look for other higher entries if the price goes up with standing orders on 1838, 1840, and 1844 (SL management will be also conducted in case these orders become live.
DISCLAIMER: This analysis is not investment/financial advice and doesn't constitute as such, and isn't created solely for qualified investors.
In that sort of speaking, entries from 1830-1834 are looked up and trading positions are currently open at the moment of writing with SL of 1842 (SL is designated to give a little bit of room for movement over the resistance of 1840.
Risk management is considered to be 1:1 for TP1 and 1;3.5 for TP2. This trade might be taking a long time until it reaches its desired TP's so be patient.
If we consider the news later today at 15:30 GMT +0 about Crude Oil which might highly impact the trade direction just for a fraction, however, SL might be adjusted to absorb the movement upwards and then continue downwards as planned. This is a riskier trade if taken before the news today but we will also look for other higher entries if the price goes up with standing orders on 1838, 1840, and 1844 (SL management will be also conducted in case these orders become live.
DISCLAIMER: This analysis is not investment/financial advice and doesn't constitute as such, and isn't created solely for qualified investors.
Note
Active SELL ORDER 1838Note
SELL ORDER 1840 - SL Moved on open positions accordingly to 1844Note
ACTIVE! SELL ORDER 1840 with SL 1844 on all active GOLD tradesNote
SELL ORDER 1844 - SL moved on open positions accordingly to 1852Trade active
ACTIVE! SELL ORDER 1844 with SL 1852 on all active GOLD tradesTrade closed manually
Closing manually all trades in profits now. We will be looking for better entries after price level confirmation.To be precise, the entries might be around 1844 in buy/sell position depending on what the price action will look like. Whether that is going to be a breakout over 1844 mark and retest or simply finding resistance down there.
Well done on everyone taking this trading idea!
Summary:
OPEN TRADES AT 1834/1838/1840/1844
ALL TOGETHER PIPS WON: 220 PIPS (2200 MICRO-PIPS)
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