Prepping the long for gold
False breakdown of prime trend-line (white line), currently reclaimed.
Would not look to long here - rather I would look for a break of R1 resistance @ 1905
and look to rebuy on a retest of previously strong resistance.
Likely scenario would be ->break 1905 ->test 20DMA -> retest 1905 support -> target 1945.
We can set our stop losses below S1 @ 1881, giving us a 1.67:1 risk to reward.
Good luck and cheers,
Mayo
Would not look to long here - rather I would look for a break of R1 resistance @ 1905
and look to rebuy on a retest of previously strong resistance.
Likely scenario would be ->break 1905 ->test 20DMA -> retest 1905 support -> target 1945.
We can set our stop losses below S1 @ 1881, giving us a 1.67:1 risk to reward.
Good luck and cheers,
Mayo
Note
Got our perfect bounce off the 20 Daily and continued upwardsTrade ACTIVE
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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.