Hello Traders, good morning!
Gold has been pushing into new highs, but I’ve taken a small short position this morning. The reason? A potential double top is forming on the 8-hour timeframe.
Negative RSI divergence is present — price is making higher highs, while RSI is printing lower highs. This signals weakening buying momentum.
Volume on the second top is lower than the first, which adds further confluence for a possible reversal.
I am aware that this is most likely a controversial position as most people will be long gold.
However, the risk reward favors shorts at these levels and I willing to take a small position against the trend. Only time will tell.
📊 Trade Plan:
Risk/Reward: 3.6
Entry: 3,698.5
Stop Loss: 3,732.5
Take Profit 1 (50%): 3,597
Take Profit 2 (50%): 3,549.8
GTradingMethod Tip:
When trading reversal patterns, I always look for multiple layers of confluence — structure (like a double top), momentum (RSI divergence), and volume. This helps filter out weak setups.
🙏 Thanks for checking out my post!
Where do you think gold is headed today?
Please note:
This is not financial advice. This content is to track my trading journey and for educational purposes only.
Gold has been pushing into new highs, but I’ve taken a small short position this morning. The reason? A potential double top is forming on the 8-hour timeframe.
Negative RSI divergence is present — price is making higher highs, while RSI is printing lower highs. This signals weakening buying momentum.
Volume on the second top is lower than the first, which adds further confluence for a possible reversal.
I am aware that this is most likely a controversial position as most people will be long gold.
However, the risk reward favors shorts at these levels and I willing to take a small position against the trend. Only time will tell.
📊 Trade Plan:
Risk/Reward: 3.6
Entry: 3,698.5
Stop Loss: 3,732.5
Take Profit 1 (50%): 3,597
Take Profit 2 (50%): 3,549.8
GTradingMethod Tip:
When trading reversal patterns, I always look for multiple layers of confluence — structure (like a double top), momentum (RSI divergence), and volume. This helps filter out weak setups.
🙏 Thanks for checking out my post!
Where do you think gold is headed today?
Please note:
This is not financial advice. This content is to track my trading journey and for educational purposes only.
Zlecenie aktywne
Short position opened.Entry: 3,698.5
Stop Loss: 3,732.5
If the H8 candle closes above the entry range at 15.00, then I will exit the short.
Zlecenie zamknięto ręcznie
H8 candle closed above range, which has triggered one of my exit rules.The rule protects me from full risk.
Still took a loss though.
Trade closed.
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Wyłączenie odpowiedzialności
Informacje i publikacje nie stanowią i nie powinny być traktowane jako porady finansowe, inwestycyjne, tradingowe ani jakiekolwiek inne rekomendacje dostarczane lub zatwierdzone przez TradingView. Więcej informacji znajduje się w Warunkach użytkowania.