Friday, October 26, 2012

GOLD Short Trade GOLD Short Trade
I am watching this channel from past few time. Details [here].

Support is turning resistance on H4 chart and currently price has bounced to the support again. Price has started stalling at it and got rejected from it. 

Today being Friday, I wont take this trade today. I will wait till Monday Europe open to see how this pattern comes up. For short trade my target remains same as lower resistance area.  

----------------------------------------------------------------------------------------------------------------------- GOLD Short Trade
UPDATE ON 29-Oct 3:25GMT: So far horizontal area is providing a good resistance on any spikes. I will wait for Europe open to see risk scenario. A break above this area brings focus to upper horizontal resistance area. 

After Europe open, If this area holds on any spike, then I am planning to go short at aprox 1715/16 for a possible move down 1700/1695 area. 

--------------------------------------------------------------------------------------------------------------------------- GOLD Short Trade
UPDATE ON 29-Oct 3:25GMT: Pair is coming up very nice. As tweeted, I shorted around 1715 and currently set my stop loss at 1713. I am expecting a move towards 1700 to book profits.

No comments:

Post a Comment

Related Post