GOLD - MEDIUM LONG TERM TRADE

Ciao Traders !

As you know from my previous charts I am overall bearish biased
This correction might take different shapes but in the overall macro count this won't effect my bias until is obviously invalidated (now it's too premature to discuss this)
Personally, I will stay short to around 1650 (the exact level will be based on wave counts if in fact gold is going that much up)
What I will do is to hedge with long trades without closing my short.
Same as I did in previous chart when there was a sign of a temporary reversal
As of now, we bounced exactly yo 61 FIb of the recent downtrend; moreover, this move up looks to me corrective more that motive.
based on the data I have I see a possible complex correction therefore, as I learned by loosing money in the past, I will not concentrate on short term trades especially during complex correction: I will keep focus on the big picture and, If I am right, I will manage to follow the long bearish trend down to at least 1050 and hopefully to 840
I was waiting this opportunity since months, and again, if, and only if I am right, I will manage to get a 40/50% on this trade, which, multiplied by a 20x leverage will hopefully be the trade of 2019/2020

in the below chart you find the short term entry

I am moving from being scalper to a swing trader, my swings are based on Elliott Wave analysis


Happy trading to all !

Disclaimer:
This is not financial or investment advice
I am not a professional in the financial or investment fields
This analysis is just for entertainment purposes
Do not follow what I do or do it at your own risk

Order cancelled:

hi
I actually re evaluated this second picture, and noticed that on the 30 min chart we went up in 5 waves.. therefore I will avoid this trade, while the main picture of the post is still valid

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REMEMBER THIS LONG TERM VIEW? :)

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