Gold failed off its highs and had come back down. The opening candle today was bullish and brought price up to a resistance at 1726.92.
Here, a Dark Cloud Cover was formed on the 15 min. This was followed by a doji and a bearish engulfing to confirm the downward movement.
There was a small trendline created. After price broke below, I sold. I held the sell for about 29 pips.
Price continued bullish and broke through the longerterm trend line.
I also was aware that there could possibly be more bearish movement happening which is another reason I chose to short.
Here, a Dark Cloud Cover was formed on the 15 min. This was followed by a doji and a bearish engulfing to confirm the downward movement.
There was a small trendline created. After price broke below, I sold. I held the sell for about 29 pips.
Price continued bullish and broke through the longerterm trend line.
I also was aware that there could possibly be more bearish movement happening which is another reason I chose to short.