Gold (MGC/GC) Pullback into 1 hour demand

There was a 1hour break of structure up. Noted by the green solid line and a blue demand zone rectangle on the chart. Currently the price is retracing into that demand zone and is likely going to provide opportunities for continuation trades. You could wait for price to enter the 1 hour demand zone and wait for price action to change character/Flip from selling to buying pressure. Giving you a higher RRR.

Or you could set a pending order at:

Entry: 4520.5
SL: 4487.4
TP: 4738.2
RRR: 6.6+

There is a risk of a deeper pullback but it is not nearly as probably as a rejection of the 50%(dashed line) of the 1 hour demand zone in Blue

There is no charge for awesomeness! :)

Trade attivo

If you entered the trade at the entry provided (4520.5), I suggest moving your Stop Loss to 4560 in case there is a reversal. PROTECT YOUR PROFITS!!!

Trade chiuso manualmente

If you are a day trader and do not hold positions overnight, I suggest you close the trade out in profit where it is at. Otherwise, you can hold it "overnight" and see if the TP is hit. I believe it will be hit but if you're trading with a prop firm you'll need to have the trade closed before market closes in 20 minutes. I hope you enjoyed the trade.

TraderHustle

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TraderHustle