Gold Sell Setup at Key Resistance

FX:XAUUSD   黃金 / 美元
546 9
Selling gold form current level where price tests the upper parallel of the median line is a nice idea.. Sl and top as hown in the chart..!
I think, this trade didn´t went well
@Dinkan, Yes it's pretty obvious..! Losing is part of this business..! We move on..!
+1 回覆
Dinkan Fxprotrader
@Fxprotrader, Thank you, but just to quench my curiosity, what made you enter this trade?
@Dinkan, Based on structure i drew a downsloping modified schiff and I saw that the upper parallel acted as resistance when price tested it.. So when i saw price reaching the parallel once agin I thought that the resistance will hold.. But it didn't.. Look at the USDJPY setup.. Same concept but it worked out pretty good :
Dinkan Fxprotrader
@Fxprotrader, Intelligent reasoning. But, my question is just that if price moves in a specific direction, does it respect "lines"?
@Dinkan, No lines are only tools to hep you with your analysis.. Into a chart they represent levels of support or resistance or wrap patterns. Market structure, risk/reward is what defines a setup as worth taking it..
Dinkan Fxprotrader
@Fxprotrader, Thank you. Keep in touch.
@Dinkan, Yes sure.. Take care..!
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