Trading idea for gold

Trading 05 Nov 2020 Donner votre avis

Despite the contradictions and questions in the calculations, Joe Biden is leading the US presidential elections.

And although this brings many pros and cons in the market, the best action in trading today is to stick to the adage: "Trade what you see, not what you know."

Therefore, since gold closed yesterday with a bullish pin bar, and then taking into account the presence of a double top at 1933 which indicates a sellers' trap, the most optimal strategy is to continue trading long positions along the pullback formed from overnight volatility:

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However, there are traders who have not nor even want to buy or sell the instrument in the medium term. Considering this, the next option is to open short positions before the false breakout of 1933, because if not, there is a high chance that you will fall into the classic trap of sellers, which, in such volatile instruments as gold, slams at regular intervals.

This is under the framework of Price Action and Stop Hunting strategies.

Good luck!

The material has been provided by InstaForex Company - www.instaforex.com

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