Follow by our previous analysis, Gold completes A-B-C correction waves and now still looking for direction.
Gold breaks out the downtrend channal and hit 1670 (the c4 resistence) and start dropping.
As I drew in the chart, price tested the preivous downtrend up channel and then make a fast rebound. The support line 1640, until now at least, is still valid.
Honestly, I don't know which direction the gold will go because it's always confusing after ABC complets. Even though a lots of people say it would go down for 1600 or 1580 etc. and some people say, 'noooo, it would go 1700', I'd rather not predict the future right now.
BUT, it doesn't impact on my Long trading decision today because:
1. support line still valid
2. the order gives me good profit/loss ratio
buy between 1640-1642
SL : 1638
TP: 1652 , 1659, 1670
NOTE: This is a HIGH RISK trade. I only have 30% confidence to win. Please don't follow unless you have the same opinion
wechat: 56349014
Gold breaks out the downtrend channal and hit 1670 (the c4 resistence) and start dropping.
As I drew in the chart, price tested the preivous downtrend up channel and then make a fast rebound. The support line 1640, until now at least, is still valid.
Honestly, I don't know which direction the gold will go because it's always confusing after ABC complets. Even though a lots of people say it would go down for 1600 or 1580 etc. and some people say, 'noooo, it would go 1700', I'd rather not predict the future right now.
BUT, it doesn't impact on my Long trading decision today because:
1. support line still valid
2. the order gives me good profit/loss ratio
buy between 1640-1642
SL : 1638
TP: 1652 , 1659, 1670
NOTE: This is a HIGH RISK trade. I only have 30% confidence to win. Please don't follow unless you have the same opinion
wechat: 56349014
Trade closed: stop reached:
close cuz stop reached.
I will check tomorrow after I wake up
I will check tomorrow after I wake up
