Hey guys - this is a quick update from my last gold trade idea, looking at a shorter timeframe. We can see that there has been a strong bullish candlestick pin-bar which has rejected the support zone, this is a signal indicating us to re-enter our long position - after we took profit from the last move.
Geopolitical tensions are all over the place worldwide - This means that safe havens like XAU and the YEN are still rational moves for investors looking to store value. I have found that Gold likes to move in sharp, yet heavy moves - then it begins to consolidate - retest support or resistance and then the market makes its next move according to the current trend. We can see this pattern here.
Losses can exceed initial deposits when trading market instruments. You can manage your losses by using smart risk management. Identify what your entry, Take Profit and Stop Loss levels will be before you enter a trade. Stick to your trading plan, no matter the market conditions.
If you stick by a smart trading plan you can substantially reduce your exposure to losses - however you can never 100% avoid a loss in trading. It will always be a risk no matter your luck, skills and discipline.
Geopolitical tensions are all over the place worldwide - This means that safe havens like XAU and the YEN are still rational moves for investors looking to store value. I have found that Gold likes to move in sharp, yet heavy moves - then it begins to consolidate - retest support or resistance and then the market makes its next move according to the current trend. We can see this pattern here.
Losses can exceed initial deposits when trading market instruments. You can manage your losses by using smart risk management. Identify what your entry, Take Profit and Stop Loss levels will be before you enter a trade. Stick to your trading plan, no matter the market conditions.
If you stick by a smart trading plan you can substantially reduce your exposure to losses - however you can never 100% avoid a loss in trading. It will always be a risk no matter your luck, skills and discipline.
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