Price is supported at 2 months high + fib5 upflow.
Earlier trigger would have been the 3 day bear trap identified on last friday before NFP. But that would have been more speculative.
However , past few days have,
on h4, gold is seeing a type of ‘stepping up’ action , higher high and higher low
not the best outcome of trade, pulled out since price had problems moving up. eventually price went up to 1330, but who knows?
New development for short bias
On tuesday , price completed a bearish kicker which showed a very violent reversal. I will be looking for a retracement entry to go short and to go hard on it, should a 1234 appear and resistance can be well defined @ 1307.
I will be looking for an intraday 1234 setup rather than a multi-day, as strong violent reversal warrants immediate attention imo.
got out with +$4, but with a larger position size on sell limit. Right or wrong?
1. Nailed the resistance correctly when w1 level + fib5 downflow + h4 box high became the confluence.
2. Placed a larger than usual sell limit and when price triggered, got out with $4 profit at the next hour.
Seems like fear of losing/instant gratification in the context of holding on to other paper losses at the next point of time.
Trade plan, trade execution were good.
Trade management was not good and there was definitely more room for improvement.
Could have done better to just partially TP and shift to SL at that point of time.