I had posted this Chart for the Poll. #GoldMCX was trading in a range and had broken out. I asked fellow traders to predict whether the breakout would fail.
Meanwhile, I was recording a video to demonstrate trading of #failedbreakouts.
Watch the thought process here:
This is what I was looking at. A congestion and a short term down trend. The downtrend broke and gave a new low. Now I was actively looking for a bullish reversal bar.
I got a bullish reversal bar off a trendline. The particulars can be seen in this video:
I was stopped out after the prices hit the resistance and took out my trailing stop loss. But our original stop was save and the trade achieved its target eventually.
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