GOLD 1:3 RISK REWARD ACHIEVED
I am observing gold for quite a while now. Long term I am expecting a big bearish correction before a bigger bullish move. What I've traded recently is this setup on the 15m chart. I took a short position with 1:3 risk reward, based on the following things:
1. On the 15m we had a bullish move to the highs followed by a bearish engulfing and then continuation of bearish move (200 pips) which was indication that a lot of sell positions were placed by the institutions just above the resistance.
2. We had a trendline which was broken and retested on a smaller time frame (5m) so this was additional confirmation.
3. MACD and STOCH(RSI) Both indicated sells.
4.Price crossed the EMA
1. On the 15m we had a bullish move to the highs followed by a bearish engulfing and then continuation of bearish move (200 pips) which was indication that a lot of sell positions were placed by the institutions just above the resistance.
2. We had a trendline which was broken and retested on a smaller time frame (5m) so this was additional confirmation.
3. MACD and STOCH(RSI) Both indicated sells.
4.Price crossed the EMA
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