Gold Long
Haven't posted in a while but I am back to it now, with more consistency coming. Looking to go long on gold. The long remains valid with the current fibo set-up however if it pushes slightly higher then makes its way back I will adjust accordingly.
Original idea was to go long off the round number 2700-2705 area but she slightly missed and made a solid drive off of 2708. The immediate rejection does tell us the metal has higher to go.
The narrative: Its pre election period and this stems uncertainty coupled with low inflation it is catalyst for gold to pump as it has been doing.
FYI, this trade is a lower timeframe trade, bit different to my normal high timeframe trades(H12, D), but at all time highs it demands this.
Confluences:
H1 Intra KL
50% Fibo
H2 50EMA Break and Retest
H1 100EMA
Target- targeting 2764 with profit taking along the way, according to trading plan.
SL- 55 pips or $5.50
Original idea was to go long off the round number 2700-2705 area but she slightly missed and made a solid drive off of 2708. The immediate rejection does tell us the metal has higher to go.
The narrative: Its pre election period and this stems uncertainty coupled with low inflation it is catalyst for gold to pump as it has been doing.
FYI, this trade is a lower timeframe trade, bit different to my normal high timeframe trades(H12, D), but at all time highs it demands this.
Confluences:
H1 Intra KL
50% Fibo
H2 50EMA Break and Retest
H1 100EMA
Target- targeting 2764 with profit taking along the way, according to trading plan.
SL- 55 pips or $5.50
Order cancelled
Cancelled, as price has formed a head and shoulders off of the 61 fib, seen on the H1. This sways me away from taking the trade. We may be going lower, to the 2700 zone. For now I am sitting out and awaiting a more readable market, for my strategy. Note
Nice initial reaction off the level. Lets see where it goes from here. Trade closed manually
Ended up doing +100 off the initial reaction, closing all here. 
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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.