XAUUSD long - New ATH in Gold
Updated
Gold made an impulsive move on Fri, breaking above its previous ATH and the round number 2500 as well. I guess almost the entire technical trader community may be looking to go long and for that reason alone, caution is advisable.
Initially, I will go with a 50% position size, perhaps adding more later. Hopefully it will retrace to one of the following - round number 2,500, the previous ATH, maybe even the previous resistance at 2470 or the 20ema.
Watch the DXY for correlation.
This is not a trade recommendation. You should be aware that trading carries a high level of risk, so only trade with money you can afford to lose. Please use sound money and risk management, trading without a stop or moving the stop away from price is a recipe for disaster.
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Please comment and share your thoughts too!!
It’s not whether you are right or wrong, but how much money you make when you are right and how much you lose when you are wrong – George Soros
Initially, I will go with a 50% position size, perhaps adding more later. Hopefully it will retrace to one of the following - round number 2,500, the previous ATH, maybe even the previous resistance at 2470 or the 20ema.
Watch the DXY for correlation.
This is not a trade recommendation. You should be aware that trading carries a high level of risk, so only trade with money you can afford to lose. Please use sound money and risk management, trading without a stop or moving the stop away from price is a recipe for disaster.
If you like my idea, please give a “boost” and follow me to get even more.
Please comment and share your thoughts too!!
It’s not whether you are right or wrong, but how much money you make when you are right and how much you lose when you are wrong – George Soros
Trade active
My trade is active. Let's see if we can get to 2525 or even 2550.Trade active
The 2525 target was already achieved and some profit was taken. I am still holding 70% of my position and looking for much higher value.Trade active
Still holding my position. I hope to reach 2550 next week. 
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