dionvuletich
Short

XAUUSD Daily Island Reversal, Bearish Shark

NYMEX:CL1!   Light Crude Oil Futures
465 5 5
Am short looking for two targets to re-establish longer term long positions
Final short target will be the 78.6% retracement which is also a gap close and the zone for a 2618 trade

If it gets there I am planning to buy again into a longer term position long

Market may be forming a weekly triangle and the $41-$42 high may be resistance going forward so will take partial profits on any longs prior to this and play the range
Comment: incorrectly noted XAUUSD, should be CL1! Curde Oil
Minor Oversight as currently swing short both.... technical view on this is unchanged
Trade closed: target reached: Target 1 hit, trailed second stop to BE
Comment: This pattern could better be described as a Nen-star pattern at 127.2% extension of X-A
Final target lower is 29.64 based on the gap here although not sure if it will reach it... we will see
what is the range to play?
Reply
I was referring to the idea that 'if' gold goes down to say $29.64, then bounces up to $41.22, we will have wo swing lows and could draw a rising trend line across them,

if gold gets down to $29.64 before rising above $42 then it would be fair to say that $41-42 will have sellers waiting there so it would be a good take profit zone

If that is the case then we would have two higher lows + two lower highs which would be a range... it is a what-if scenario, nothing more although i would love it if that happened as I would be trading both sides
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tbuckle PRO dionvuletich
I think you meant to say oil not gold, but thank you!
Reply
yes, trading both position long but swing short - will amend... thanks
Reply
There is no range yet.... I noted there 'may' be a weekly triangle forming and if I buy around $30 I will be taking some profits at $41-42 area
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