Gold respecting the 1300 psychological level

XAUUSD

The 1300 level has been holding so with a bearish harami printing at the resistance level I am happy to short this pair:

Short at market price @ 1292.71 with

*Stop loss above the highs where I will deem this setup invalidated @ 1305.00
*Take profit provisionally at 1259 where the 200ema is currently positioned

** Take note - I have marked 1229.43 and 1213.34 which comes off the 50.0 and 61.8 fib levels respectively when measuring the current bullish move. These levels should be the real targets as I am trading the retracement off a bigger bullish move upwards.

Don't bet the farm and always exercise healthy risk management

Yorum:

Closed manually at +16 pips profit. Price is making higher lows on H4 which makes more up side likely so I am closing off this position now.

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