Efloud

Bullish Bat Pattern for Gold

TVC:GOLD   CFDs on Gold (US$ / OZ)
If we consider peaks (double top) which indicated as blue curves, we are going to see red dotted line at the end because of pattern target.
However, i think that we are more likely to see bullish bat pattern even if C point does not meet necessity of BullishBat Pattern (according to rules C point should between 0.382;0.886 fibs).

In a nutshell, we can see short term bearish long term bullish scenario analysis.
Comment: Double top worked very well and we successfully reached red dotted line.

Now, I do not have position and watch next 24 hours to detect "potential" daily bullish divergence which can be seen as orange lines. Also price has been oversold according to RSI. It can be good time to take long position for a short time.

Comment: After happening daily bullish divergence, we saw 1265. Now we have tested 1236 which is critical point as lowest point of December. We also closed daily candle above 1246 which is another critical point as previously double top's target. I think, it can be great opportunity to break 1265 in order to create double bottom pattern and reach the green horizontal line.
Till we breakout from 1265, i won't take a long position.
If we close below 1236, i will take a short position.

Comment: Since it's a living idea and i wrote my ideas as comment, i took a position as short just after we close the 1236. Now, patiently waiting to reach my target. After that, i will close all of my position and this living trade :)

Thanks for following me uptill now.

Trade closed: target reached: Finally, my short term target has been completed. I have closed all of my positions that are related to GOLD. Thanks to TAWorks account, I sold all of my golds from green horizontal line which is $1303.

Comments

what about red line, will it be broken?
Reply
Efloud rameezcfa
@rameezcfa, It is hard say that for a now because we should wait to observe it when it comes to dotted red line.

If you put out line to the left, you can see that it was also work as strong support and resistance point. So, I do not want to see that broken line as a gold holder ;D
Reply
@efeozelci, lol. i am also holding gold since 1308 and i can bear till 1240
Reply
Efloud rameezcfa
@rameezcfa, Yep. I am also holding it since beginning of 2017 (except some trades). I have hope from gold. It may very good returns next year.

By the way, I agree that 1240 is critical point but if we see gold as bear, it should breakdown 1202. As long as we stay on top of that point I look positive.
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