Some interesting areas in Gold….
There are two trades I have orders in for, a long and a short.
Setup: Bid if past ATR
Notes: After we’ve bounced from the daily level 1486.78, accepted above, I believe this is a good area to be a buyer for a small bounce.
Setup: Offered if past ATR
Notes: Lots of old support, now flipped and it’s way past ATR today. Looking to sell a rally and buy back at the next downside level.
Setup: Bid blue area on a breakout and acceptance above area
Notes: Huge weekly hammer which has faked out a weekly level. I want to see this breakout to confirm the hammer.
Full disclosure I’m currently long from the lower white line, stop at the cross. This is an aggressive entry into the trade. This trade is also at half my usual risk due to another open position in GBPCAD. I’ll cut this position if we get an H4 close below the current swing low, as it will mean I’m trapped on the wrong side of the level.
Setup: Short on D1 close through upper orange area
Notes: If we get a daily close below 1.9640 I’ll offer the level just above it. If we get a strong close through here I believe we can run down to 1.9290.
This trade will again be at half my usual risk due to my current GBPCAD position.