Bullish on Gold: Inverted-SHS

27 Mar 2017

GOLD Inverted-SHS pattern spotted on the daily time frame. It just broke out tonight. Potential target is in the 1370-1380 zone. If there is a throwback after this break out, then that will definitely change the target zone or may invalidate the trading strategy. Consider the diagram for a potential stop loss area/region. For now, it may be time to make a long entry since the neckline was broken.

27 Mar 2017

İşlem aktif

Entry is now. Keep active trade management. Use a stop loss. Use trailing stops to protect profits if market moves up.

27 Mar 2017

Not

I see that there is some weakness from pushing beyond 1260. There is some strong resistance in that area. This may be a fake break out. Maintain discipline and active trade management with a stop loss in place. A stop loss of about 1235 (about 2% from the 1260 resistance) should be okay.

28 Mar 2017

Not

I have a feeling that this trade idea is starting to fail. Resistance is extremely strong here in the 1260 area. SPX is headed higher, so that may push gold lower as they're usually negatively correlated.

28 Mar 2017

İşlem kapandı: durdurma seviyesi

Decided to close this trade. I am not convinced about the demand. Stop loss closure.