Most of my analysis is on the chart.
Gold cleared previous resistance around 1395 with a strong and clear move to the upside.
I like to trade ABCD Patterns, my favorite thing to do is buy and sell the C legs. The first step for me is to have B make a new low or high, which in this case it has made a new high, showing bullish strength.
the next thing is I look for where I can enter on a pull back, In this case we have a nice point of control (red line) where price has been reacting in a bullish manner, I believe there is a lot money sitting there that can give us some sort of move up when/if we come back to this level.
I will be looking for a bullish harmonic patter to complete inside the bullish trendline, and right near that point of control 1392.82. Depending on the pattern I get, I'm going to be using a 15 pip stop give or take,
Take Profit will be for a measured move of the AB Leg, But I'll be watching to see how price reacts just before the D completion because if this plays out for us, We will then have a completed bearish Gartley Pattern. The .786 Retracement of the XA Leg is a spot to watch.
30 pip stop 4:1 Return
15 Pip stop 8:1 Return
-Enjoy
Gold cleared previous resistance around 1395 with a strong and clear move to the upside.
I like to trade ABCD Patterns, my favorite thing to do is buy and sell the C legs. The first step for me is to have B make a new low or high, which in this case it has made a new high, showing bullish strength.
the next thing is I look for where I can enter on a pull back, In this case we have a nice point of control (red line) where price has been reacting in a bullish manner, I believe there is a lot money sitting there that can give us some sort of move up when/if we come back to this level.
I will be looking for a bullish harmonic patter to complete inside the bullish trendline, and right near that point of control 1392.82. Depending on the pattern I get, I'm going to be using a 15 pip stop give or take,
Take Profit will be for a measured move of the AB Leg, But I'll be watching to see how price reacts just before the D completion because if this plays out for us, We will then have a completed bearish Gartley Pattern. The .786 Retracement of the XA Leg is a spot to watch.
30 pip stop 4:1 Return
15 Pip stop 8:1 Return
-Enjoy
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Declinazione di responsabilità
Le informazioni ed i contenuti pubblicati non costituiscono in alcun modo una sollecitazione ad investire o ad operare nei mercati finanziari. Non sono inoltre fornite o supportate da TradingView. Maggiori dettagli nelle Condizioni d'uso.
Each week, I send an email breakdown of the best forex setups, watch zones, and market trends so you can trade with confidence.
Your next setup is waiting—Subscribe for access to my weekly outlooks.
Your next setup is waiting—Subscribe for access to my weekly outlooks.
Declinazione di responsabilità
Le informazioni ed i contenuti pubblicati non costituiscono in alcun modo una sollecitazione ad investire o ad operare nei mercati finanziari. Non sono inoltre fornite o supportate da TradingView. Maggiori dettagli nelle Condizioni d'uso.