This trade idea is all about finding the best entry price for my next short on Gold.
The trend is clearly defined for us signaling more downside pressure, both in the 1hr chart in the main image and as you can also see in the 4hr chart below.
Trading with the trend will always be more profitable than looking for reversals in the main trend. The simplest and easiest trading strategies work around buy dips and selling rallies. With this is mind, I am targeting an entry into what should be a low risk - high reward sell the rally opportunity.
I positioning a pending sell order into the green box highlighted as this represents a broken support line and also the recent short term falling trendline. Some where around 1281.500 will limit my risk if the trade goes against me and breaks the recent trendline, while offering the optimal sell price if the trade is successful and we see a strong sell off.
The trend is clearly defined for us signaling more downside pressure, both in the 1hr chart in the main image and as you can also see in the 4hr chart below.
Trading with the trend will always be more profitable than looking for reversals in the main trend. The simplest and easiest trading strategies work around buy dips and selling rallies. With this is mind, I am targeting an entry into what should be a low risk - high reward sell the rally opportunity.
I positioning a pending sell order into the green box highlighted as this represents a broken support line and also the recent short term falling trendline. Some where around 1281.500 will limit my risk if the trade goes against me and breaks the recent trendline, while offering the optimal sell price if the trade is successful and we see a strong sell off.