Trade Complete 💥

We're done for the day. We may not be around much tomorrow but will be here for the morning session. As usual we'll share our analyse and trade ideas. 1825-28 is an important level here, we want the price to close below this level today. As always, trade safe.

That's close enough for us. Any shorts are being reduced here

This is a very important level, just before closing they've dropped, we'd rather not wait for any lower. What we want to see now is a retracement and how the price attacks 1825-28 (if it gets there). The levels change with the chart so key levels will change too. A lot of buyers were targeting 200MA on the daily and the market knew that. That 1848-52 level is still very possible, but we have to assess it in the morning

XAUUSD:

Our plan for today. We're already holding a short from above which we have now reduced exposure on. What we would ideally like to see here is some retracement back up to test the 1825-30 levels and look at what kind of reaction we get there. Breaking that level back up should entail the price attempting to go back towards the 1845-50 level and potentially breaking it for higher pricing this time. On the chart you can see there is a clear run if we break the immediate support of 1813/12 all the way down to 1795 which would be the next target for Gold.

Our view is still short on this so we will be adding another short position with a tight stop if we get back up towards the 1825-30 level and face resistance targeting 1795.

We're not around this afternoon. We already have shorts running....Next level above for us is 1828. We've set a pending there for a sell. Breaks 1835 and closes above it will trigger our stop loss

Taking 50% off the table here

Just under 60pip profit

We came out of 50% around the 1813 level yesterday and left the rest to run, the stop was at 1835 which has been hit. We did the same with our trade at 1839 and have set the stop to entry.

The level to watch for support now its the 1828-30 area. Support there should take the price higher with the first destination being 1845. This also lines up nicely with the 200MA on the daily. If Gold finds support here its likely we will resume with the move up towards our higher levels.

This is the Weekly we have been updating as we go along. Shows the potential moves we were looking at for this week. Lets trade safe now, its Friday as well and we don't want anyone to get stuck in risky positions over the weekend. We'll look for support below, if we're happy we may take the long trade for a quick capture. We're still short on this, only taking longs for short trades.

Yesterdays hourly chart. We came to support perfectly and bounced with bullish momentum. Now rejecting at resistance, you can see the key level support on the chart. Excalibur had given us a 1845 target on the 11th of May, however, the trade was too risky as we saw with the reversal. Unfortunately yesterday we weren't on our screens and it looks like support would have been an ideal buy.

We're getting ready to sell Gold....Looking for a nice push up towards 1844-47. Because of the RR it has to be a small lot to start with

If it breaks up its going to open up 1880+ so we need to be careful....Hence the small lot

Levels of resistance:

1845
18555-57
1860-68
1880-85

Scenario 1:

Scenario 2:

We have to switch off a little early today but will try to monitor it as much as possible.

The higher prices are open, ideally we want this to go up and then come down towards our lower targets around 1805.

If this goes down first, then look for support as its likely its getting the FOMO sellers in and then will do the move upwards before coming down.

Both scenarios are on the hourly timeframe.

Everyone please also add 200MA to your daily charts. You should be running separate charts for the 3 main timeframes, 1H/4H/Daily.

Also....Quick reminder:

If you are trading anything less than $1000 your lot size should be minimal on Gold. 0.01/0.02 with a max of 0.05 if you have experience in the markets. Traders lose because they don't use the correct lot sizes for their accounts and don't use the appropriate risk to reward. Holding losing trades will blow accounts guaranteed. Lets be the 10% that make it and not the 90% of retail that fail