XAUUSD - Short Idea.
I see some downside on GOLD. I am always Bullish on gold however, there are quite a few reasons for price to relax a bit:
-There was a nice "High Wave" candle right at the 200EMA, which we have pulled nicely back up within for a better entry.
-Hitting a 1hour 200EMA
-Hitting a 4hour 55EMA
-Forming a potential double top, continuing its downtrend.
-MACD is showing bearish on 1 hour.
-RSI is approaching overbought
Lets see how this rolls out. 1% risk 2:1RR -Happy Trading
-There was a nice "High Wave" candle right at the 200EMA, which we have pulled nicely back up within for a better entry.
-Hitting a 1hour 200EMA
-Hitting a 4hour 55EMA
-Forming a potential double top, continuing its downtrend.
-MACD is showing bearish on 1 hour.
-RSI is approaching overbought
Lets see how this rolls out. 1% risk 2:1RR -Happy Trading
Trade active
I forgot to mention the psych level of $1300 of course!Trade closed: stop reached
Blew threw all analysis and rocketed northward! On to the next opportunity!
I moderate a small community 4 traders, analyzing weekly charts, and discussing trade setups. Focusing on psychology.
I moderate a small community 4 traders, analyzing weekly charts, and discussing trade setups. Focusing on psychology.
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