Or a trader could be patient ..... Wait for a push up high by the bulls .... Wait for formation of a neat pin bar ... Then nail a short entry with TP at the next lower MML level which is 7/8 in this case. Gold shows an example of an easy shorting setup however it is taken from the 8/8 MML on an M15 TF P=64, MMP=240. {image} One issue though is actually being present and watching the setup unfold on the chart and then being able to watch multiple setups. Masterrmind............
On a current bullish mission!
Danger of holding positions over the weekend when PA can be influenced by news events that drive the commodity in a particular direction.
In brief, go for a TP at the next MML level but do not allow trades to run over the weekend since the MML level may not get hit, not anytime soon that is unless the bears get onboard again.
Last trading day of the week just close it out for whatever profit it presents and look to reset for another entry early the next week.
Note: As price pushes up higher into the +1/8 MML look for an opportunity to short Gold down but be very very careful because what a trader needs to also consider is what reason is it that is causing Gold to surge up strongly just in early Tokyo trade?
Masterrmind.............
Master your Mind then Master your Trades
