I place limit short selling order at the resistance level
because i think at the end of this month the price of gold will close at the lower price in order to rebound next month (September)
therefore, i am bearish on gold from today 10 Jul until at the end of this month.
Example of grid trading
I place limit sell order at 1930$ and STOPLOSS at 1960$ Target 1900$
risk 30$ reward 30$
I place buy limit oder at 1893 and STOPLOSS at 1860$ Target 1940$
my second order is at 1940$ / STOPLOSS at 1972$ Target 1900$
(0.618 fibonacci retracement resistance level)
risk 32$ x 2 = 64$
reward 72$ x 2 = 144$
My third order is at 1952 / Stoploss at 1972$ Target 1900$
(0.782 fibonacci retracement resistance level)
risk 20$ x 3 = 60$
reward 52$ x 3 = 156$
because i think at the end of this month the price of gold will close at the lower price in order to rebound next month (September)
therefore, i am bearish on gold from today 10 Jul until at the end of this month.
Example of grid trading
I place limit sell order at 1930$ and STOPLOSS at 1960$ Target 1900$
risk 30$ reward 30$
I place buy limit oder at 1893 and STOPLOSS at 1860$ Target 1940$
my second order is at 1940$ / STOPLOSS at 1972$ Target 1900$
(0.618 fibonacci retracement resistance level)
risk 32$ x 2 = 64$
reward 72$ x 2 = 144$
My third order is at 1952 / Stoploss at 1972$ Target 1900$
(0.782 fibonacci retracement resistance level)
risk 20$ x 3 = 60$
reward 52$ x 3 = 156$