I have just entered a short position on Gold for the following reasons.
The trend is down and a doji was formed on Friday which signals indecision, there was a fakey setup on the one hour chart happening against the 8EMA and the price is now below moving averages on the daily chart. The one hour setup acted as a signal to trigger the position.My target is 1180.4 (1074 pips) which was the last point of price retracement to the upside on the daily chart and my stop is at 1348.2 (512)pips and entry at 1287.8.
Looking for a 1:2 risk reward ratio.
Lets see what happens.Loads of patience required