With the recent USD weakness and NFP news coming up, this could be a good opportunity for a buy trade to recent highs.
I had a really good entry for this GOLD buy, but unfortunately, I decided to move my stop loss too soon after seeing the sell reaction from the top of the range (Previous High). If I had not moved my stops, the price would have reached my target, even though I exited with almost half of the profits on this trade. Price has made new all-time highs, which was...
I managed to close the trade as the huge sell was coming down. I had held on a it longer waiting for my TP to get triggered by price.
I moved my Stop Loss to breakeven, so I am running risk-free on this trade, with commission and spreads fee factored into the stop loss placement.
Last week NFP pushed the price further down than I had expected. I had missed the initial push-up, and fortunately, I canceled my buy order and went on standby. But as with recent developments, the sell failed to go lower, even with volume, so I decided to do a second attempt at the buy, at my earlier price level.
I had put an entry order expecting NFP to push the price further down, so I could get a decent risk:reward, but unfortunately price did not get to me. My detailed analysis leading up to this trade, (plus post-trade analysis) can be found at Quill & Frame, Trader's Lounge.
Gold 4H chart analysis for buy setup, Safe haven appeal looks strong.
I am looking to enter a buy on GOLD off the 4H S&R. This is a good setup and with some major news coming up, GOLD could set up nicely for buys.