Gold - Double Top

Jul 13, 2016

Gold has made a double top at 1375. After testing support 1325-1330, gold is re-bouncing to the resistance area at 1345-1350.
Trade Plan:
- Sell Limit @ 1347
- Target 1305
- Stop loss over 1360

Real stop loss and take profit level will be calculated once trade is executed. Stay Tuned.

Jul 13, 2016

Note

Price seems like loosing steam after reaching 1344. I do not want to miss this short opportunity so I sold half a contract at 1342. If price ever reaches 1350, I will add another half contract to make the median price at 1346 for 1 full contract. One more contract is still set limit at 1347. So now the plan:
- Half contract sold at 1342.
- Sell limit at 1347, one contract.
- Sell limit at 1350, half contract.

Jul 14, 2016

Trade active

Sell limit order was hit. Trade is active.

Jul 14, 2016

Note

Stop loss is set at 1360. Take profit level is set at 1310.

Jul 14, 2016

Note

150 pips so far so good.

Jul 14, 2016

Note

Here is my updated trade plan:
MA(20) on the daily chart is at 1320 so I am thinking about taking partial profit at 1320-1325 area and let the rest run till 1310.

Jul 14, 2016

Note

Take partial profit now if you want. Gold is trading at 1324/1325 now. I will take profit at 1322 for the half contract I shorted at 1342. I will let the full contract at 1347 to run till 1310.

Jul 14, 2016

Note

Took profit at 1322 for half contract sold at 1342. Moved SL to break even for 1 contract at 1347.

Jul 18, 2016

Note

I took profit on another half contract at 1325. I shorted a full contract at 1347 so I made 220 pips on a half contract. So now my position is half contract sold at 1347, stop loss break even.

Jul 19, 2016

Trade closed manually

Gold seems to hold 1320 and move higher from here. I have decided to close the rest of position at 1328 and made 190 pips on a half contract.