Long

XAUUSD Buy

By dcargotrades

Updated

Gold is looking like it wants to take off again.
Broken above 200 ma on the 4 hr.

Note

Taken some profits waiting for the breakout.

Note

Im on this up move for the long haul, it could pull back, but there is nothing stopping it from going over 1300.
Soon I will place a trailing stop and hope for some big gains.

Trade closed manually

I have closed my position and will wait to reenter on a pullback, momentum seems to be stalled around this price for now.

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Bit of luck there and down it goes!.

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So far I have timed the momentum pretty well with this trade.
I never did trail my stop which is something I am slowly working into my trading plan.

i am trying to make a sustained effort at the moment to only take certain setups and be more disciplined with my trades which is tough when the market is patchy.

Note

My thoughts on gold are that fundamentals are more important than technicals at the moment and we could go far higher before the election.
We could go down and test the cloud but from there 1340 is in sight.
I will only take long trades from here but only when I see momentum from clear price action, a bounce off the cloud or a break above 21 sma.

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Technical indicators are looking bearish but I am keeping an eye out for sudden massive upside moves over the next couple of days.

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Ive opened another buy position on the break above sma 21.

Trade closed manually

Closed this trade price moved below ma21 so I closed it waiting on another move above for a small loss.

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Got back in above ma 21 hoping for a breakout to new highs at the moment.

dcargotrades

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