XAUUSD Short
Updated
Broken Trendline and now Retested. Wicked into 61.8 Fib level and rejected perfectly. Respected third touch of descending trendline.
Should now retrace to 1670. Possibility of breakout to the upside so use small lot.
Should now retrace to 1670. Possibility of breakout to the upside so use small lot.
Comment
SL adjusted to 1725. Just above 0.786 region. Where my set up would be invalid. It is always important to give Gold especially space to breath. I have made this mistake many times. Where it has hit my SL aimlessly. RR @ 1:2Comment
Confluences:1) Trendline respected
2) 61.8 - 78.8 FIB region respected
3) Shooting Star candle formation on the 4H chart.
4) Previous Trendline break
If this reverses to the upside I'll be surprised and it will be a good learning curve. The only hesitation i have is the MAs need to crossover.
Comment
5) Lower Highs - BearishComment
Psychological Level 1705 Broken and being retested. Next stage 1700Comment
EMA 1HR Crossover. Looking good.Comment
EMA 4HR Crossover.Comment
Stop adjusted to 1715.5. RR 1:4Comment
4 hourly close below psychological level 1700. Continuously testing this zone. Next 4H close will be interestingDisclaimer
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