3MEAM TODAY'S GLOBAL MARKET UP DATED

3MEAM TODAY'S GLOBAL MARKET UP DATED

The Gold is in the short term consolidation around this level for the past two days and is positioned for a short term price correction. There are two scenario where the entry can be planned :

Scene -1 :
Where the trader is looking for a major gain, he/she should be looking to trade with three contracts. Trade One can be initiated at $1238 and second at $1244 with a composite stop loss of $1246. The third trade can be added to a winning position at the break of $1232 on the downside.

Exit Plan : If the single position is taken, the profit taking position is $1233/1226. The risk reward in this trade is $600/1200. At stop loss the loss is $600 where as the first take profit will give $600 and the next one if materialised will give a profit of $1200.

Scene -2

This trade can be initiated with the break of $1232 with one contract with an eye to take profit at 1226 and the stop loss would be 1235.

Traders are advised to trade with a trailing stop when the trade turns profitable according to their risk appetite.

For Global Trading like.............CME GLOBEX EUR/USD, CME COMEX GOLD FUTURE....CME S&P 500 AUS/USD, JPY/USD

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