Greeting.
After todays CPI news. Gold made a new local top in the latest bullrun. Right now the price reached an important 4H orderblock/supply area and I expect a retracement of 50% of the previous bullish impulse ($1760 area).
If we are lucky enough we can even hit the daily demand area that coincides with a strong FIB level. A potential confirmation for me will be a Daily candle close underneath the upper channel line.
In this regard, I am preparing to enter a short trade.
Trade details:
Entry: 1892.50
SL: 1905.10
TP1: 1760
TP2: 1700
RR: 1:12
Risk: 1% account balance
Disclaimer: This is not a trading signal or financial advice. It is only a potential trade that I'm looking at. I encourage you to always do your own diligence and not jump in blindly.
After todays CPI news. Gold made a new local top in the latest bullrun. Right now the price reached an important 4H orderblock/supply area and I expect a retracement of 50% of the previous bullish impulse ($1760 area).
If we are lucky enough we can even hit the daily demand area that coincides with a strong FIB level. A potential confirmation for me will be a Daily candle close underneath the upper channel line.
In this regard, I am preparing to enter a short trade.
Trade details:
Entry: 1892.50
SL: 1905.10
TP1: 1760
TP2: 1700
RR: 1:12
Risk: 1% account balance
Disclaimer: This is not a trading signal or financial advice. It is only a potential trade that I'm looking at. I encourage you to always do your own diligence and not jump in blindly.
Trade active
Entry: 1892.50SL: 1905.10
TP1: 1760
TP2: 1700
RR: 1:12
Risk: 1% account balance
Trade closed: stop reached
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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.
Related publications
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.