I must correct you, we even have 100x leverage with oanda europe For the record I brought 6H also to the table to get myself better risk control for better exits. Good you are papertrading, but I got that direction also through my charts, however 1256.30 is a support level hence my long.
So you are using spot gold price? Do you only trade off spot gold chart or do you refer to futures charts? Are there other charts you use to confirm your trading decision, any other reference points?
I trade solely of spot gold charts. I don't look at futures charts, however they shouldn't differ that much. I look at daily sometimes to be aware of the bigger context but that one isn't really necessary for my trading.
Lets see how things pan out then. You say long, if it goes against you what will you say? I'm not an intraday trader so my analysis is not regarding short term scalps, but my call is the opposite of yours and going long here although looking logical as it nears support is also highly risky in terms of spiking down thru support. What will I say if I am wrong? Well first off, often I am wrong in the very near term (often exit a couple days too early) but in this instance my analysis rests on the basis simplicitically speaking, at support I would like to see a nice volume spike which I don't see, which leads me to another point, you are missing out on volume info using only spot charts. Footnote: volume is not something of a biggy in my arsenal, but it is useful here and there.