Technical analysis shows that although long positions were set at good price levels, the stops were not reached during the US trading session, which appears to be a bull trap in gold. Because of this, it would be best to transfer into short positions, in order to falsely drop stop loss at the level of 1872:
In fact, there is already a three-wave pattern on the daily chart, with which wave A is the strong bearish impulse on October 13. Gold already tested half of this course yesterday, and if it continues to reach the price level of 1872, rather good profit will be obtained. However, if it reaches a quote of 1922, the risk/reward ratio will be 1.5:1.
This strategy follows the Price Action and Stop Hunting methods.
The material has been provided by InstaForex Company – www.instaforex.com
🚀If you want to get a Forex Robot Coded as per your trading strategy but are unable to do so because of the high price for the Robot then you can take advantage of the CROWD FUNDING campaigns feature. ✔ These are some crowd funding campaigns for Forex Robots, which when completed can provide the very same Forex Robot to the participants at an average price of $5-$10 per participant. ✔ You either participate in one of the already listed campaigns or send us your Forex strategy : Submit Crowd Funding Campaign , for which you would like the Forex Robot to be coded. A Crowd Funding Campaign would then be started for the same . ✔ All you have to do later on is to share the campaign online with your friends to encourage more people to participate in the campaign.
As a result, each participant can get that Forex robot for just a campaign contribution of $5 (which is the minimum). Participants can back the campaign by anything above or equal to $5 to reach the funding goal to close the campaign.