LONG GOLD – get ready for a SHORT SQUEEZE or even more

24 lug 2015

Trading idea on 1h chart:
LONG GOLD – get ready for a SHORT SQUEEZE or even more
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Trading setup: trade entry 1.093, Risk-Reward = 2.00
SL@ 1.069 (-24), TP@ 1.141 (+48)
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GOLD:
- most news and analysts are very bearish after recent plunge (most recent money on short side -> late entry shorts are often weak and easy to squeeze)
- 2 double bottoms: first on 1h chart and the second on 4h/1d chart
- IMPULSIVE move above the downtrend line on 1h

If we move very fast towards the 1.141 (within 2 trading day or less), so in a impulsive way, I would close only half position as the move over 1.150 would confirm a false break down on the daily chart and hence a much bigger upmove could be starting right now.
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