Gold Long Idea
Updated
Looking to Long Gold. Gold has had some nice volume the past couple of days pushing the metal to the upside.
Looking to take the long around the round number confluence area and ride it to new highs, if the NFP data that comes out is weak. The only way this trade is valid is if NFP comes off weaker, if the news is good news, the trade is invalid. Reasoning: Bad NFP data will put the fed in a spot where they will feel some pressure to hike rates later this month, causing a surge in the metal market.
Silver is also aligned technically for a buy off the 50% fibo as indicated, but I will only be trading Gold.
Technical Confluences:
Round Number
H6 Intra Key Level
38% fibo
61.8% off of most recent impulse
Entry- 2500 -2505 timing dependent
SL- 55 pips ($5.50)
TP- Open ( Partials at 1:3)
Catch you later traders ▲
Looking to take the long around the round number confluence area and ride it to new highs, if the NFP data that comes out is weak. The only way this trade is valid is if NFP comes off weaker, if the news is good news, the trade is invalid. Reasoning: Bad NFP data will put the fed in a spot where they will feel some pressure to hike rates later this month, causing a surge in the metal market.
Silver is also aligned technically for a buy off the 50% fibo as indicated, but I will only be trading Gold.
Technical Confluences:
Round Number
H6 Intra Key Level
38% fibo
61.8% off of most recent impulse
Entry- 2500 -2505 timing dependent
SL- 55 pips ($5.50)
TP- Open ( Partials at 1:3)
Catch you later traders ▲
Note
Due to the push made during NFP, I will only be looking to enter around 2501.5. The push up would have made the 2505 zone weaker, so I will go for the stronger part of the zone near the round number. Trade active
Trade live,
Partials taken and SL to BE.
Note
+170pips 80% off the position letting the rest run. Trade closed manually
Managed to grab around 170 pips on this trade, small runner taken out at BE but overall a decent trade with a 3.09R.
Catch you on the next one traders ▲
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