Gold: Trend Reversal Signal as Reason for Buying
It looks like a little bit crazy trade, but why not? The risk/reward is 3.62 and the market keeps an opportunity to continue the main uptrend. For this, we need to wait for solid bullish signals and only after that open long positions.
Why I use the 4H timeframe? If you look at the chart you will see the resistance formed by SMA200 and the downtrend line. The breakout above these lines will give a trend reversal signal in the 4H chart and a solid bullish signal in the daily chart. We can use the breakout for buying. Risk per trade must be no more than 2% of the capital.
If the price bounces from the resistance again and breaks the local uptrend line, we will have to search for new trade opportunities.
Disclaimer!
This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.
Why I use the 4H timeframe? If you look at the chart you will see the resistance formed by SMA200 and the downtrend line. The breakout above these lines will give a trend reversal signal in the 4H chart and a solid bullish signal in the daily chart. We can use the breakout for buying. Risk per trade must be no more than 2% of the capital.
If the price bounces from the resistance again and breaks the local uptrend line, we will have to search for new trade opportunities.
Disclaimer!
This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.
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