GOLD = the growth of the moon game for gold is over. Correction
GOLD = the growth of the moon game for gold is over. Correction
1) On daily chart we have big reversal candle.
2) after the breakdown of the price of 1557.10, we did not reach the 1.618 mark for Fibo, which means that the growth trend has come to an end and the market has been launched earlier. Now there is a smooth decline that will develop into a downtrend. We have already seen this on oil.
For oil, there was about a similar growth movement that ended in about the same scenario as we are now seeing for gold.
- correction was up to 0.382 and 0.50 Fibonacci
I opened a short position:
Sell = $1554.00 and $1550.00
Take Profit 1 = $1385.86
Take Profit 2 = $1332.64
Stop Loss = $1562.00
Profit:Loss = 5-7:1
H4 Chart:
1) On daily chart we have big reversal candle.
2) after the breakdown of the price of 1557.10, we did not reach the 1.618 mark for Fibo, which means that the growth trend has come to an end and the market has been launched earlier. Now there is a smooth decline that will develop into a downtrend. We have already seen this on oil.
For oil, there was about a similar growth movement that ended in about the same scenario as we are now seeing for gold.
- correction was up to 0.382 and 0.50 Fibonacci
I opened a short position:
Sell = $1554.00 and $1550.00
Take Profit 1 = $1385.86
Take Profit 2 = $1332.64
Stop Loss = $1562.00
Profit:Loss = 5-7:1
H4 Chart:
Trade active:
Sell = $1554.00 and $1550.00
Take Profit 1 = $1385.86
Take Profit 2 = $1332.64
Stop Loss = $1562.00
Take Profit 1 = $1385.86
Take Profit 2 = $1332.64
Stop Loss = $1562.00
Trade closed: stop reached:
Stop Loss = $1562.00
Comment:
Sell again on other idea