Gold - 1 Hour Long Trade (Counter Trend) 3:1 Reward / Risk Rati
Updated
Hello all
Although on a low time frame - with stock markets closing negative for the day - I do expect JPY to become stronger in the coming days and in turn safehaven flows to head also into Gold.
Potential long position after engulfing candle at Support.
It may be too early to enter this trade, therefore smaller risk size applied, intend to add to positions if starts to cycle upwards.
Will monitor closely.
Thanks for looking
Although on a low time frame - with stock markets closing negative for the day - I do expect JPY to become stronger in the coming days and in turn safehaven flows to head also into Gold.
Potential long position after engulfing candle at Support.
It may be too early to enter this trade, therefore smaller risk size applied, intend to add to positions if starts to cycle upwards.
Will monitor closely.
Thanks for looking
Trade active
Hello AllStill working on adding as much value to my posts, therefore some additional information.
1hr Bullish Engulfing Candle occurred 10 hours earlier. This was also a 4 Hour Bullish engulfing approx. 6 hours ago (at time of entry)
I expected a pullback to see if it either retested and made new lows or instead started to make higher lows.
It is at a previous level of price where the price gapped on the 24th Dec to 26th Dec 2018 close and reopen.
This same level of 1274 was support for a long period of time during Oct into Nov 2018.
It met my trading rules and therefore I entered the trade.
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