Highlighting our recent Gold Sell Trade sent on our SST Trade Ideas Discord Server and was traded Live in our New York Session, a strategic gold sell trade resulted in an impressive gain of 290 pips.
Here’s how this trade we’ve highlighted by key points and descriptions of the approach and execution.
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Entry Point and Analysis
- - Sell Trade sent on XAUUSD at 2640
- - The entry was determined through higher timeframe analysis, examining long-term charts on market trends and patterns.
- - The entry was made to align with broader bearish market signals.
Key Technical Indicators
- - Double Top Formation
- - A bearish reversal pattern indicating potential price decline.
- - Formed when the price hit two peaks at approximately the same level, signaling a resistance level.
- - Confirmed the decision to go short on gold.
Breaking the 200 EMA
- - The price break below the 200 Exponential Moving Average strengthening the bearish sentiment.
- - The 200 EMA serves as a dynamic support/resistance level essential for trend direction analysis.
- - Breaching this level gives strength of the downward trend.
Execution and Community Engagement
- - Trade Alerts
- - The trade setup and alerts were shared across the SST Trade Ideas Discord Server.
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Conclusion: Strategic Success
The execution of this trade is a testament to the value of combining higher timeframe analysis with potent technical indicators like the double top and 200 EMA.
