*Update: Stopped out...
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Gold failed at the main descending resistance for the overall bearish trend, where price headed back to settle below the 50-days Simple moving average. Today, the price dipped below 1186.00 near term support, where stability below the latter has confirmed a minor head and shoulders top pattern. Accordingly, am looking to short the metal near that broken support around 1186.00. The trade comes in the context of my longer term outlook which you can check in the related ideas below..
Best of luck. Join me at twitter.com/thefxchannel
Also at my Facebook page www.thefxchannel.com
Google Plus : plus.google.com/+Thefxchannel0/posts
My best regards,
Technician
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Trading Criteria:
1. Trades are taken in two units
2. First unit would be closed at first target
3. Stop loss is then moved to break-even
4. Second unit would be closed at second target
Notes:
5) If 90 percent of first target is reached I move stop loss to breakeven.
6) If 90 percent of first target is reached without triggering entry I cancel the trade.
7) Remember: Losing is a main part of the game
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Gold failed at the main descending resistance for the overall bearish trend, where price headed back to settle below the 50-days Simple moving average. Today, the price dipped below 1186.00 near term support, where stability below the latter has confirmed a minor head and shoulders top pattern. Accordingly, am looking to short the metal near that broken support around 1186.00. The trade comes in the context of my longer term outlook which you can check in the related ideas below..
Best of luck. Join me at twitter.com/thefxchannel
Also at my Facebook page www.thefxchannel.com
Google Plus : plus.google.com/+Thefxchannel0/posts
My best regards,
Technician
==================================================================
Trading Criteria:
1. Trades are taken in two units
2. First unit would be closed at first target
3. Stop loss is then moved to break-even
4. Second unit would be closed at second target
Notes:
5) If 90 percent of first target is reached I move stop loss to breakeven.
6) If 90 percent of first target is reached without triggering entry I cancel the trade.
7) Remember: Losing is a main part of the game
