Personally I take this trade at 1,296 after sawing the gold failed to break a 1,300 resistance. Also the gold it's letting a huge bearish pin in a Daily chart. I expect a big correction to about 1,210. First target 1,270. Will see!.
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So far so good!
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Moving SL to breakeven
Trade closed: target reached
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Today morning after the gold rebound to 1287 I prefer stay out of this idea until review again the direction gold got it
Nice! I long from1200 to tp 1300 already and yesterday price resis 1300 so I short 1300 wait to test1270 if break down 1270 go to 1220, so I think long if gold break 1300 only first
richard7_
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@Oath, congratulations for your long. It was really amazing you preserved the trade for that time. I agree with you. If gold breaks 1300 will fly. Meanwhile if golds break 1270 I believe could go lower than 1200. Will see! Have a good trades!
BrazovAjeje
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I thought wave 4 can't overlap wave 1
richard7_
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@BrazovAjeje, You're right. Thanks! I didn't see it before. I think my count is wrong I really appreciate your comment!
CovidScamIsAnIQTest
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I have a question - I thought the 3rd wave is always the longest, but from your chart, it seems the 1st wave is. Does that mean, it could be either way? Thank you.
richard7_
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@sifeij, Wave 2 cannot move below the low of Wave 1. A break below this low would call for a re-count. Even though Wave 3 is typically the longest of the three impulse waves, there is a specific rule that it cannot be the shortest. 1 or 5 can be longer than Wave 3, but both cannot be longer than Wave 3. You can read a bit more from stockcharts.com/school/doku.php?id=chart_school:market_analysis:elliott_wave_theory
CovidScamIsAnIQTest
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@richard7_, Good to know. Thank you for the explanation. I will check out the link you sent.