This week we are looking to sell gold when it reaches the top of our 4 hour channel.
On the 4 hour chart I have drawn some trend lines which indicate a flag pattern forming , by adding Fibonacci re trace and noting the 0.618 area it gives me an indication of where gold will push to.
However this will not be our entry, if you look left on the chart you can see previous area where high resistance has taken place, I feel this will be a more likely area to enter .
Plan
Wait for gold to get that initial push up to 6272.4 and monitor for rejection on the trend line from the channel.
Our take profit will be 2620 which is 560 pips.
I think I am being conserve here but ill be moving mt SL to this level if we get there to secure some pips.
2620 is usually a strong level of support until its not so if we break we could be looking at 2600,2595,2585 area and down
As always trade safe use proper risk management don't over leverage
Check out my other charts on here
Trade safe
On the 4 hour chart I have drawn some trend lines which indicate a flag pattern forming , by adding Fibonacci re trace and noting the 0.618 area it gives me an indication of where gold will push to.
However this will not be our entry, if you look left on the chart you can see previous area where high resistance has taken place, I feel this will be a more likely area to enter .
Plan
Wait for gold to get that initial push up to 6272.4 and monitor for rejection on the trend line from the channel.
Our take profit will be 2620 which is 560 pips.
I think I am being conserve here but ill be moving mt SL to this level if we get there to secure some pips.
2620 is usually a strong level of support until its not so if we break we could be looking at 2600,2595,2585 area and down
As always trade safe use proper risk management don't over leverage
Check out my other charts on here
Trade safe
Order cancelled
Never reached entry
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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.
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.