Back on tradingview and momentum is kicking in the markets. Gold and its little brother silver have been playing nicely recently by swinging their way down to fresh new lows we have not seen in a while. This gives us a nice significant fib which we could short off of.
We have set two pendings as seen on this chart, on both the 61 and the 38 fib. Each classified as high risk since both plays are just pullback plays. Reasons are:
- Retracement to continue legouts to the bottom
- Fib retracement on both 38 and 61 fibonacci
- Key level and liquidity levels.
Stops should be either 30 pips or 50 pips to allow enough breathing room with the trade.
ECHO
We have set two pendings as seen on this chart, on both the 61 and the 38 fib. Each classified as high risk since both plays are just pullback plays. Reasons are:
- Retracement to continue legouts to the bottom
- Fib retracement on both 38 and 61 fibonacci
- Key level and liquidity levels.
Stops should be either 30 pips or 50 pips to allow enough breathing room with the trade.
ECHO