Going Long on Gold

FX:XAUUSD   黃金 / 美元
Daily RSI is coming close to oversold, CCI is oversold and changing direction. Gold follows daily RSI/CCI pretty accurately.

And if the pattern I've outlined repeats, I see gold bouncing back after FOMC decision, as Fed Fund Futures are now pricing in 100% chance of interest hike. The only positive news for US Dollar could be tax reform developments, but there is also
a lot of global uncertainty.. or positive news regarding 2018 hikes, but i am not looking for that long-term of a trade. I see a high reward/low risk trade and that's why I am choosing to enter.

Trader Parameters:

Entry 1: 1241
Entry 2: 1238
Entry 3: 1235
Stop Loss: 1230

Target 1: 1263
Target 2: 1280
Target 3: 1299

I have entered the trade at 1241 with pending buy orders at 1238, 1235.

Trade safe people and protect your capital, it's a war out here, you need to wear a vest, helmet, boots, hide in the trenches and be prepared with your guns. You cannot walk into the battlefield empty handed and vulnerable, and then complain or make excuses when you lose everything.


評論: Closed the 1238 entry trade at 1255.

Moved stop loss to 1250. Will see where gold closes on Friday to decide whether to hold longer or close the rest of the trade in profit now.
手動結束交易: Took the profit and closed trades. Will wait for another opportunity to short/long.

I am biased towards a LONG position for the next month or so.... will wait for a buy signal
交易進行: In LONG again, small size trade, if price stays above 1256, i will add more LONG positions.
手動結束交易: Closed at 1263. Gold might still go up, but I am sidelining myself , I made my profits. Will wait for 1267/1270 , if it resists, I will short gold until 1220.
it may reach 1206
@ALRAZEEN, Yep. Of course. What is your reasoning for 1206?
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