XAU/USD GC Gold | Currency Futures

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  #69 (permalink)

Budapest, Hungary
Trading Experience: Advanced
Platform: Windows 95
Favorite Futures: YM
Yuri57's Avatar
Posts: 286 since Feb 2013
Thanks: 72 given, 107 received

Gold is falling like a rock so I was waiting for the next opportunity to short it. Today resistance was at $1585 and a trend line slightly above. Price actually broke above this level but only by $2. I considered it as a fake breakout and went short (2 contracts). In the m15 chart (below is the H1) you could clearly see the 200 ema was holding the price. This is when I got break-even because there was a chance for it to reverse. As the support level dropped I added to my position 1 more contract and moved my average price to break-even. I knew I wouldn't be able to move my stop fast so I didn't. It was a good decision again as price action was a bit choppy. Later I could place my stop where it is now. If it gets me out, it's still an OK trade, if it falls more, it will make me good money.

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XAU/USD  GC  Gold-gold-feb-22.gif  
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