Gold has made a double top at 1375. After testing support 1325-1330, gold is re-bouncing to the resistance area at 1345-1350. Trade Plan: - Sell Limit @ 1347 - Target 1305 - Stop loss over 1360
Real stop loss and take profit level will be calculated once trade is executed. Stay Tuned.
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Price seems like loosing steam after reaching 1344. I do not want to miss this short opportunity so I sold half a contract at 1342. If price ever reaches 1350, I will add another half contract to make the median price at 1346 for 1 full contract. One more contract is still set limit at 1347. So now the plan: - Half contract sold at 1342. - Sell limit at 1347, one contract. - Sell limit at 1350, half contract.
Trade ist aktiv
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Sell limit order was hit. Trade is active.
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Stop loss is set at 1360. Take profit level is set at 1310.
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150 pips so far so good.
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Here is my updated trade plan: MA(20) on the daily chart is at 1320 so I am thinking about taking partial profit at 1320-1325 area and let the rest run till 1310.
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Take partial profit now if you want. Gold is trading at 1324/1325 now. I will take profit at 1322 for the half contract I shorted at 1342. I will let the full contract at 1347 to run till 1310.
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Took profit at 1322 for half contract sold at 1342. Moved SL to break even for 1 contract at 1347.
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I took profit on another half contract at 1325. I shorted a full contract at 1347 so I made 220 pips on a half contract. So now my position is half contract sold at 1347, stop loss break even.
Trade wurde manuell geschlossen
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Gold seems to hold 1320 and move higher from here. I have decided to close the rest of position at 1328 and made 190 pips on a half contract.
What needs to happen for u to change outlook from bearish to bullish? What happens if it closes above 1360?
GOLDTREND-NET
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if it closes above 1360, the low at 1327 will be a short term low and gold might test 1375 and higher. This is all about analysis and trade plan. Once things don't go the way I have analyzed, there is still time to get out of the game.
staurum
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so a close above 1350 would have reversed ur outlook, i guess?
GOLDTREND-NET
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1360 I guess. You do not want to set SL only a few bucks above your sell position. There is a risk that you order will be stopped once the stop is set too close. Plus I only change my short term view if gold gets above 1360.
staurum
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roger that.... very unlikely now... so i m guessing u r shorting