Long position on gold as it is in the support zone and stochastics is at oversold conditions, believe it will target WM3 at a price of 1224.40 on the H4 chart. 21 and 55 ema still indicate bearish trend but believe price could form role reversal.

XAUUSDiH42

One thought on “xAUUSD Gold long position 11 July”

  1. Ryan Gandalf van Jaarsveld says:

    Yeah – you bought at support in a downtrend though you failed to mention why that would be a good idea. The only time you would countertrend trade is if price is at a profit-taking zone. You haven’t mentioned that so I am not sure if that was why you were buying. From the looks of things, you were buying at support in a bearish trend – which makes no sense. Had you said price was at the monthly target and you expect profit taking and therefore are going to countertrend trade this back up to the central that would make sense though I am not sure you know that? You need to be very clear on the rules of the methodology you are using and explain them clearly in your trade plans. At least in this post you were buying at support. We just need to work on the rational a bit more.

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