120 Pips Profit! Full Breakdown
Gold has been on a continuous downtrend with the current long term bias being in favour of the US Dollar. According to that stat we technically noticed a current consolidation zone where if price was to break out of its zone, its extremely likely for it to move aggressively in within the way it decides to move. And so it did. We saw that the beginning of the London session that price was looking to break down and continue the downtrend. Entry was taken on the 8.30am candle within the 30m Timeframe as it showed our 3 main confluences :
1. 30m was beginning to break below its previous candle
2. 30m began breaking a key level of support to continue pushing down
3. Break of the 8 and 14 EMAs to indicate a continuation of the downtrend
Held a position with a 1:4 RR. Price went straight into profits.
Excellent stuff.
1. 30m was beginning to break below its previous candle
2. 30m began breaking a key level of support to continue pushing down
3. Break of the 8 and 14 EMAs to indicate a continuation of the downtrend
Held a position with a 1:4 RR. Price went straight into profits.
Excellent stuff.
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