XAUUSD idea - Short before the Long
We are expecting news for the dollar to weaken, and USDJPY is set to go long to 113.60/114. If you don't know, Gold coincides with this pair and will, therefore, be short to my 2 TP's @1277 and, 1260.
There seems to be a slightly deformed H&S with the right shoulder taking shape, I expect that this would form when the market opens.
The first entry I would look to take is around 1304 with my SL at 1314-17. Price action and confluence will be used to have a strong entry. I will be looking to take another short position at the break of 1298 and close half of my first position; SL will be an entry of the first trade.
I would look to take the TP to its previous close at 1280-1277. Depending on the movement of UJ, we could see lows of 1260 which is the daily support from October before seeing highs of 1350.
Tips:
There seems to be a slightly deformed H&S with the right shoulder taking shape, I expect that this would form when the market opens.
The first entry I would look to take is around 1304 with my SL at 1314-17. Price action and confluence will be used to have a strong entry. I will be looking to take another short position at the break of 1298 and close half of my first position; SL will be an entry of the first trade.
I would look to take the TP to its previous close at 1280-1277. Depending on the movement of UJ, we could see lows of 1260 which is the daily support from October before seeing highs of 1350.
Tips:
- I'll monitor price action and confluence for a good entry, looking to go strong with a large(ish) lot size, I'll look to take some profit off the table to maximise my margin.
I'll be scalping this trade at various points of support and resistance using large lot sizes and tight SL so losses are small.
Confluence and Price action is a must as fundamentals may steer trades in different directions.
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