Spot Gold is ending the day down after some battle between bulls & bears in the critical area between 1272 and 1276. Next stop is meant to be the 1262 - 1254 area where we shall see some action before deciding whether to reverse the short term trend or break below 1250, that is going to be very interesting. Make sure you pick a side an use tight SL orders. Staying away until when volatility slows down is an option if we reached that price range. We will have ADP data release on Wednesday and then the always awaited and dearly loved NFP release on Friday.
Sir. I set up long to catch the retracement and book a small profit. Markets been moving down since open. Looking at my position, contemplating to close w a loss. Any advice?
ReplyDeleteAbsotulety, the correction to 1276 took place yesterday, the trend is down.
DeleteGood Morning everyone :) good luck trading today.
ReplyDeletepending short at 1271 got triggered, sl at 1273.50, target 1264.47 and 1256.04 as second. lets see.
a bit worrisome for me is there was a MACS bullish divergance on the H1, telling me it might retrace to the 1272/1276 level again at jpn close and uk open
I think is going down before going up you should be ok with your short for today.
Deletewhat's awaits NFP is what i am looking forward to :)
ReplyDeleteSir, i think a up til 1279 before going to 1263 ??
ReplyDeleteWhy would you say that?
DeleteSir, i think i was right ???
DeleteShort still in play :)
ReplyDeleteI'll exit before the non-farm regardless, that is one piece of news I dont like to have a trade open against :)
I agree, the only way I would trade NFP having an opened position would be in case that my position is into profit and I can place a SL order @breakeven. I may try the 1m chart strategy depending on where the last daily support is before the news.
ReplyDeletethanks :)
DeleteCan you pls explain sir wht is 1 min chart strategy! would be great as learning for me
Deleteah ha, thank you, this makes sense, if the short remains in play, chances are that the SL could be moved to breakfast or in a small profit.
ReplyDeleteNice one.. Can’t agree more.. Hope you don’t mind to write it in a post about how to trade on NFP momentum :))
ReplyDeleteRosa, same as last month, take a look at the post that I published for the last NFP data release, the 1 minute chart strategy is described in there.
ReplyDeleteGoing with sell tp 1261 🙈
ReplyDeleteHow about Stop Loss Order, is it anywhere in the strategy?
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