I think we might have missed it at 1.0287... but how should one trade this in terms of "buy on resistance" should we wait till it goes below 1.0250 or should this be a 'touch' trade given that it's only the 2nd return to support.
Either way I've put a buy limit around this level and a TP around 1.05771 and generous stop. I'm unable to watch this develop over the next 24 hours. Wait and see what happens.
I've also gone short in Gold from on a demo account to see if will close the gap - not looking promising and a back test (at least on my brokers data) doesn't yield anything like the EURUSD strike rate Tom reports. It appears that Gold tends to fill "gaps-down" rather than fill "gaps-up". I'll do some more in-depth analysis over the next couple of days and report the results if anyone is interested.
Either way I've put a buy limit around this level and a TP around 1.05771 and generous stop. I'm unable to watch this develop over the next 24 hours. Wait and see what happens.
I've also gone short in Gold from on a demo account to see if will close the gap - not looking promising and a back test (at least on my brokers data) doesn't yield anything like the EURUSD strike rate Tom reports. It appears that Gold tends to fill "gaps-down" rather than fill "gaps-up". I'll do some more in-depth analysis over the next couple of days and report the results if anyone is interested.