Gold: Examples of Profitable Trades and New Trade Opportunities
Knowledge is the superpower, and if you know how to trade, you can get a lot of benefits from it. You don't need to wait when someone tells you when to open a long position and when to open a short position. You watch for the price action and use simple setups for your own trading. You trade markets you want and in timeframes that suit your lifestyle.
I would like to share with you 2 trades which the market gave us within these days.
The 1st trade was based on a trend reversal signal. The price formed a double bearish divergence and broke the local uptrend line. We could use the breakout for shorting. Stop orders for the short trade we had to place above the local swing high and the main profit target at SMA200. As you see, the price reached the profit target, and the short trade gave us a good profit.
The 2nd trade was based on the price reversal from 1848$ support. We could open a long trade using the reversal candlestick patterns in the 1H and 4H charts. Stop orders had to be placed below the support and the local swing low. The profit target should be at 1900$ resistance. The price reached the daily downtrend line and bounced from it. We could fix at least the part of profit and move stop orders into the breakeven.
These trades are based on simple and well-known trading setups. If you know how to trade trend reversals and reversals from support and resistance, you will be able to use such trading opportunities in any market and timeframe. You can see that a lot of trading ideas, which I published here are based on such setups.
What's next?
We should watch for the price action at the daily downtrend line and 1900$ resistance. If the price bounces, it will be a new trade opportunity for shorting.
If the price moves back to 1848$ support and we get a reversal, this signal will be good for buying.
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.
I would like to share with you 2 trades which the market gave us within these days.
The 1st trade was based on a trend reversal signal. The price formed a double bearish divergence and broke the local uptrend line. We could use the breakout for shorting. Stop orders for the short trade we had to place above the local swing high and the main profit target at SMA200. As you see, the price reached the profit target, and the short trade gave us a good profit.
The 2nd trade was based on the price reversal from 1848$ support. We could open a long trade using the reversal candlestick patterns in the 1H and 4H charts. Stop orders had to be placed below the support and the local swing low. The profit target should be at 1900$ resistance. The price reached the daily downtrend line and bounced from it. We could fix at least the part of profit and move stop orders into the breakeven.
These trades are based on simple and well-known trading setups. If you know how to trade trend reversals and reversals from support and resistance, you will be able to use such trading opportunities in any market and timeframe. You can see that a lot of trading ideas, which I published here are based on such setups.
What's next?
We should watch for the price action at the daily downtrend line and 1900$ resistance. If the price bounces, it will be a new trade opportunity for shorting.
If the price moves back to 1848$ support and we get a reversal, this signal will be good for buying.
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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