Gold trade set up
Double Top strategy. First we wait for price to cross over the 50ema forming a high. We then wait for price to to pull back creating the neckline. Once the high is formed and if there is wick created draw a resistance box from the wick to the body of the candles. We want the second high to either touch the box, close inside or create a wick, but not close above the box. Entry at the candle that breaks and closes below neckline and we use 1:4 ratio. Stoploss- we will use the ATR to measure the body of entry candle and will add that number of pips of the high.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.