GOLD BULLS SHOWING THEIR STRENGTH.... ROAD TO 1560!!
Updated
Previous trade ( idea below) Ended up with taking profit from the long and partial profit on the short
but ultimately breaking even on the failure.
Overall if you have been following these gold setups I was trying to position for another long but the bulls showed too
much strength and we never pulled back.
What I was watching during the trade
-bulls went as I hoped testing the 61 fib and I went short after taking profit on the long trapping or should I say
attempting to trap the bulls at 1504
- looking at the pink arrows you see how price never broke back below the .50 fib and made high lows
- by the second pink arrow and it being the time of day I took partial profit and set to breakeven
Note: Keep in mind even though I was wrong but finding quality trap areas still produced decent intraday trades even
though my target was actually lower.
CURRENT PLAN
=We broke the 1512 price level at the EOD Friday. Wasn't watching the open as you had a 3 chances of retests of the break
to go long.
-Currently watching to see if we break the 1524 level as a break is a higher high and confirmation that the bull trend is
resuming and I can load on the next higher low.
-Just in case if we fail I will still load in the 1503 - 1512 area where there is confluence of emas, bullish trendline, and
a .50fib to .76fib zone if price pull backed from here.
-Staying away from all bear trades and strictly finding entries for the train to 1560.
Happy Hunting Happy Trapping
BooBii
but ultimately breaking even on the failure.
Overall if you have been following these gold setups I was trying to position for another long but the bulls showed too
much strength and we never pulled back.
What I was watching during the trade
-bulls went as I hoped testing the 61 fib and I went short after taking profit on the long trapping or should I say
attempting to trap the bulls at 1504
- looking at the pink arrows you see how price never broke back below the .50 fib and made high lows
- by the second pink arrow and it being the time of day I took partial profit and set to breakeven
Note: Keep in mind even though I was wrong but finding quality trap areas still produced decent intraday trades even
though my target was actually lower.
CURRENT PLAN
=We broke the 1512 price level at the EOD Friday. Wasn't watching the open as you had a 3 chances of retests of the break
to go long.
-Currently watching to see if we break the 1524 level as a break is a higher high and confirmation that the bull trend is
resuming and I can load on the next higher low.
-Just in case if we fail I will still load in the 1503 - 1512 area where there is confluence of emas, bullish trendline, and
a .50fib to .76fib zone if price pull backed from here.
-Staying away from all bear trades and strictly finding entries for the train to 1560.
Happy Hunting Happy Trapping
BooBii
Note
Price didn't even make it to the reload pointWe are very bullish evident with the the big break of the 1525 level
andI took a long in the retest of that level as marked below
Ended up with an entry around 1526
Note
**big break of the 1524 level ** i meant to say
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