Saw this support & resistance, As you may know the market sentiment around GOLD is bullish. However before I decide to step in I can see this playing out before upside targets.
How to trade the ABCD pattern This is an example of a bullish ABCD pattern. Ideally, Point C should be Fibonacci retracement between 61.8% to 78.6% of the A-B leg. Point D should be a Fibonacci extension between 127% to 161.8% of the B-C leg. Stop loss should be below D or previous low. Take profit can be at the 38.2% and 61.8% Fibonacci retracement of the C-D leg.
How much should I risk on this trade? The question I get a lot in trading group. When I hear it I ask a question back to that person. How much you can afford to lose? When I enter a trade I always think about how much I will be losing, and can I afford to lose that amount. We are small planctons here and nobody cares about us, so losing one can arrive very...
Hello guys. Personally I am excited as we get closer to FOMC, and I will be trading FOMC event. I will have positions on: DXY USD/JPY GOLD SILVER EUR/USD I will manage to trade this event with High Frequency news trading machine, as HFT is back in da building, and we had a great success trading news with this machine. Last NFP was sweet as well. Since I have a...