XAUUSD Free Forex Trading Signals – 21st Feb 2017
After having a bullish journey, XAUUSD took a long time to consolidate on the H4 chart. XAUUSD or Gold has just produced an H4 Engulfing candle from an important level. As things stand with XAUUSD, it is getting ready to offer short entries for the sellers. Let us have a look at the XAUUSD H4 chart…
As we can see, 1243.20 has been working as a strong level of resistance. In fact, it has produced two Double tops. Moreover, it has produced an Engulfing H4 candle and the price is now trying to break 1233.25. This is the Support of the last Double top. If the price breaks this level, then the price might come down to 1202.00. There is another strong level of support though at 1222.00.
Let us have a look at the trade summary
- Sell Stop Order: 1233.25
- Stop Loss Level: 1243.20
- Take Profit Target: 1202.00
This trade is going to take long time to reach at the target. Thus, traders have to be very patient with the entry. There is a huge support level in between. Thus, there is a chance that the price might consolidate at that level. If you are not used to taking such entries, then take the entry with smaller lot than your usual lot. There will be many opportunities to manage the trade as well. However, this could work the other way round for less experienced traders. They often over manage trades and come out less profit. Let us not do this, but be with the trade as long as we can if things are in the favor of our positions. There is a saying “Cut your losses short, but let your profits run”.
Comment below if you have questions on this trade and please let us know if you made money if this trade signal. Good luck!
You can also take a look at our previous (and most likely profitable) Free Forex Trading Signals Here.
We hope that you enjoy our Free Forex Trading Signal today: XAUUSD Free Forex Trading Signals – 21st Feb 2017
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