Gold has been Bearish on the H4 chart. The price had a consolidation and it came out from the consolidation by making another downside breakout. As things stand with Gold, the price might head towards the South by making new breakouts towards the downside. Let us have a look at the H4 Gold chart.
Have a look at today’s price action. The first H4 candle came out as a Spinning Top. The second one seems to be a Bearish Engulfing Candle. If it really ends up being an Engulfing Bearish Candle, then an H1 breakout at the level of 1269.85 would be the signal to go short on Gold today.
Let us have a look at the summary of the trade
- Entry- H1 breakout at 1269.85 after an H4 Bearish Engulfing Candle
- Stop loss- Above 1275.90
- Take profit- 1259.90
- Validity: 72 hours
- Whenever possible, move the stop loss to the entry price and whenever you want, you can take profit anytime as long as you feel comfortable
As expected yesterday’s Forex market was very active. Especially the JPY pairs were excellent for the traders. Today’s market does not seem to be that great considering the currency pairs and their H4 chart. However, Gold and Silver look good. Bitcoin does not look that good either. When things are like this, we must keep our patience. We must not be frustrated or be over aggressive. As they say, there is always another day. There is another thing about Forex trading “It is important to earn money from the market, but it is more important to be able to keep that money by not giving back to the market again”.
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