Key Support: 1779 – 1772
Gold had a very bearish Friday session dropping -1.60% from the lows of the week to Friday’s lows breaking with the previous key level (1787).
Now it has pulled back to retest this exact broken level whilst printing a bearish continuation pattern. My trade idea is to sell at the break of this pattern.
After Gold broke to the downside there was no real bearish momentum in play so I decided to manage this trade very aggressively moving my SL down every time Gold made a new lower high.
The other reason I managed this trade so aggressively is because I saw no real bullish momentum in the USD before the London open.
A lack of real sellers in Gold after the break of the pennant lowered the probabilities of success and if we add the lack of USD buyers a fakeout was really plausible after the breakout.
Managing losing positions is also a big part of long term profitability.
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