Gold has not broken through 3400 after accelerating its rise, and the upper suppression effect still exists; currently gold is fluctuating in a narrow range below 3390, showing signs of stagflation to a certain extent. Therefore, the accelerated rise of gold is not for the short-term impact of 3400, but for a deep retracement, eliminating more scattered funds in the market by sweeping up and down.
So in the short term, I think it is difficult for gold to continue to break upward under the suppression of the resistance area near the short-term high of 3402, but to test the lower support area of 3375-3365 before breaking upward. So I have shorted gold as scheduled according to the short trading plan mentioned above, and aimed at the lower target area of 3375-3365.
At present, our short position has made a certain profit, but I still look forward to profiting from gold hitting TP! Let us look forward to gold falling back to the target area as expected!
So in the short term, I think it is difficult for gold to continue to break upward under the suppression of the resistance area near the short-term high of 3402, but to test the lower support area of 3375-3365 before breaking upward. So I have shorted gold as scheduled according to the short trading plan mentioned above, and aimed at the lower target area of 3375-3365.
At present, our short position has made a certain profit, but I still look forward to profiting from gold hitting TP! Let us look forward to gold falling back to the target area as expected!
Trade active
Gold has fallen below 3380 again and is heading towards the target area. Our profits are increasing significantly. Have you followed my trading strategy to short gold? Friends who are already in the channel have made a lot of money!Trade closed manually
Good morning, like-minded friends!Because it was too late yesterday, I did not report yesterday's trading. Friends who have carefully read my trading strategy must know that after our long position hit TP: 3380 and made a profit of 300pips, I tended to short gold based on short-term resistance.
Even in the channel, we still conducted trial and error short trading. First, we shorted gold near 3392. Because gold failed to fall below 3376, I adjusted TP twice during the transaction, but finally chose to manually close the order near 3378 to make a profit in time, and ended the transaction with a profit of 140pips;
When I continued to try to short gold near 3392 for the second time, it took only 6 minutes. Because gold continued to rebound and hit SL: 3400, the transaction was ended with a loss of 80pips. In the two trial and error transactions, one was profitable and the other was loss-making, but the overall profit was still 70pips.
In fact, before the trial and error transaction, I have made it clear to all that gold structurally keeps rising, but we can short gold based on short-term resistance, but we must ensure that the profit and loss ratio is in our favor in the transaction settings, so I set TP: 3375 and SL: 3400 in the transaction, and the profit and loss ratio is at least 1.5:1. Even if the gold market is contrary to our expectations, because of the SL setting, our losses are limited and we can easily recover the losses in the next transaction. And after our second short position hits SL, in order to avoid emotional trading, I immediately stopped the transaction to avoid further losses! This is also a basic psychological element that professional traders must master! Control greed and impatience!
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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.