Gold [4hr, Long]: Breakout
Updated
Gold has been in a tight range since mid may, flirting close to the resistance level at 1302.
Price is close to the 200MA, signalling a long or short entry, depending on direction of breakout.
Price broke out of the resistance at 1302, signalling a long entry.
Entry: Market order at 1304.24
SL: 1299 level, just below the previous bullish candle low which is 1299.3. This is an aggressive entry, as placing 1ATR below the buildup low would mean a large stop placement.
TP: 1320 region, just before resistance
Risk to reward ratio: 1:2.5
Price is close to the 200MA, signalling a long or short entry, depending on direction of breakout.
Price broke out of the resistance at 1302, signalling a long entry.
Entry: Market order at 1304.24
SL: 1299 level, just below the previous bullish candle low which is 1299.3. This is an aggressive entry, as placing 1ATR below the buildup low would mean a large stop placement.
TP: 1320 region, just before resistance
Risk to reward ratio: 1:2.5
Trade closed: stop reached
False breakout, price immediately went bearish and hit stop
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