Gold: Bearish Breakout

Market has been in the Price Range. Bullish Trap was there above 1430.00 as the Bar was closed much lower in the end. Meaningful Engulfing Bear Candle printed on the chart that can initiate Bear Trend below 1415.00. SHORT the Market @ 1413.50. Initial Stop-loss is @ 1417.50

Kommentera:

Short Positions are opened @1414.00.The Initial Stop-loss was @1418.00.Now Stop-loss Adjusted to 1419.00.First Take Profit is @1404.00.
Out of the Price Range, Markets often go for False Breakout as prices earlier made the one at P.R's upper boundary line & then prices reversed .These False Breakouts are called Bull/Bear Trap. If the Prices Mark the High again reversing up @1419.00, I would be interested to Buy 1419.00 with 1415.00 stop-loss. Would be Speculating against Bear Trap

Kommentera:

Opened Short Position @1414.00 Stopped out @1419.00.Buyer now @ 1419.00