Gold [4hr, Short]: Trend Continuation
Updated
Market on a downtrend as below 200MA. On the higher daily timeframe, price broke support turned resistance. Looking for an entry on the lower 4hr timeframe where a bearish flag pattern formed.
Entry: On the break of the lows of bearish flag at 1295.35
SL: 1ATR above the structure of the bearish flag pattern
Exit: Manually close when price closes above previous weekly candle high
Entry: On the break of the lows of bearish flag at 1295.35
SL: 1ATR above the structure of the bearish flag pattern
Exit: Manually close when price closes above previous weekly candle high
Trade closed manually
Price filled the stop entry order and went back up into a consolidation stage. I am not comfortable with this trade and exited manually with a 0.2R loss. Lesson learnt: to place the sell stop order further away from the end of wick, or to wait for a candle close with price confirmation before entering the trade.
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