The XAUUSD is in clear downtrend so it will be better to look for shorts using your prefered trading system.
This is a short term trade based on bouncing on EMA55. I have backtested and used this setup many times before.
The price is now bouncing within a range forming a complex correction for wave 4.
We have also a trendline resistance and a strong structure above.
Price is touching and bouncing on EMA55, so i will enter short trying to make some pips.
Just in case i will open small positions aiming targets 2 and target 3
Target 1: last lows
Target 2: spike level
Targe 3: near 1040
We have NFP news on Friday so we should be careful.
Best regards
*****************DISCLAMER********************************************************************
This is just and idea, not a recommendation to buy or sell.
Always do your own analysis before opening a trade.
Managing is 60% of a trade, anytime I may decide not to open, close or even stop and reverse a trade depending on price action.
Any respectful and constructive ideas are welcome (agree or disagree).
We all are here to learn sharing ideas, have fun and improve our performance.
This is a short term trade based on bouncing on EMA55. I have backtested and used this setup many times before.
The price is now bouncing within a range forming a complex correction for wave 4.
We have also a trendline resistance and a strong structure above.
Price is touching and bouncing on EMA55, so i will enter short trying to make some pips.
Just in case i will open small positions aiming targets 2 and target 3
Target 1: last lows
Target 2: spike level
Targe 3: near 1040
We have NFP news on Friday so we should be careful.
Best regards
*****************DISCLAMER********************************************************************
This is just and idea, not a recommendation to buy or sell.
Always do your own analysis before opening a trade.
Managing is 60% of a trade, anytime I may decide not to open, close or even stop and reverse a trade depending on price action.
Any respectful and constructive ideas are welcome (agree or disagree).
We all are here to learn sharing ideas, have fun and improve our performance.
