Short to Medium Term Gold
Updated
Looking for a support/resistance flip on Gold, we’ve placed our entries at that flip area along with a wick Area of Interest sitting at 2357.
Stops are sat below gaps and another 4H wick as protection.
We are aiming to reach the gap created at around 2420, which from there I will most likely enter a short to hedge my long, in the case we reject and move to the downside, however my long will still be active just in case we want to continue to higher.
Covering both sides we are cheating the market, allowing us to profit from both scenarios, although limiting full potential profit, we give ourselves the highest possibility of walking away with profit.
Stops are sat below gaps and another 4H wick as protection.
We are aiming to reach the gap created at around 2420, which from there I will most likely enter a short to hedge my long, in the case we reject and move to the downside, however my long will still be active just in case we want to continue to higher.
Covering both sides we are cheating the market, allowing us to profit from both scenarios, although limiting full potential profit, we give ourselves the highest possibility of walking away with profit.
Trade closed: target reached
Target Reached for this long, I am cautious to enter the short given the current momentum, see my 12/07 idea update on the next move I'm preparing for.
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