GOLD long on bounce off P and very strong bearish move
Updated
I missed out on this lovely move down from R1 to P, that's fine.
It looks like this move has happened too fast to me, high volumes yes but there is no apparent reason for Gold to be so bearish today (nor for S&P to be bullish).
What if it was just to cash out all the gains from yesterday? to catch all those stop loss orders?
Let's risk a 10 ticks here on bounce off P and target at R1! Admittedly there is a high risk our Stop Loss may be caught but...
It looks like this move has happened too fast to me, high volumes yes but there is no apparent reason for Gold to be so bearish today (nor for S&P to be bullish).
What if it was just to cash out all the gains from yesterday? to catch all those stop loss orders?
Let's risk a 10 ticks here on bounce off P and target at R1! Admittedly there is a high risk our Stop Loss may be caught but...
Note
oh yes, and Gold POC from yesterday is at 1233.7... perhaps the intention was to just come down quickly to hit this and bounce back up?Trade closed manually
I'm out of this trade now with +20 ticks.volumes are very low, is moving painfully slowly, my market bias is bearish for Gold still, I'm taking a decent profit here and will wait for better opportunities if any arise today.
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