Akil_Stokes

Gold's Next Stop (XAUUSD)

FX:XAUUSD   Gold / U.S. Dollar
I've been watching XAUUSD             all week and as the overall movement has been bearish , I've been looking at countertrend opportunities of where profit taking may be taking place and relief moves (retracements) will occur.

On this chart we've just had the last retracement back into previous structure, now the question is where are we likely to go next? Drawn on is our next area of confluence which features a harmonic move (red lines), two 1.414 fibonacci extensions from the previous swings, and two fibonacci retracements from the previous swing highs.

As i told the traders in the Live Room this morning, identifying an area is just half the battle, afterwards you need to decide on an entry reason or technique.
Trade Empowered "Empowering Traders Worldwide"

FREE Training & Workshops - http://buff.ly/2udJgeT
My Latest Trading Video - http://buff.ly/2tJbZ8G
Educational Services - http://buff.ly/2h2c5qg

I am with you on that.
+1 Reply
Very nice chart showing the bat as a potential reason for entry
Reply
United States
United Kingdom
India
España
France
Italia
Polska
Brasil
Россия
Türkiye
Indonesia
Malaysia
日本
한국
Home Stock Screener Forex Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing Priority Support Ideas Published Followers Following Private Messages Chat Sign Out