XAUUSD - AB=CD Move Part II - LONG

I have a long bias on this precious metal. I have open positions @ 1305 and 1315. If this breaks below 1330 this week (break of IB), it may go down to base at 1299 - 1302 as the last kiss goodbye and fly off from there.

Trade with care

Comment:

Been getting a lot of private messages whether to short Gold. The idea is not to short Gold from this AB=CD model (at the start of the C Leg). Just like any harmonic patterns, confirm entries at the completion of pattern.

Gold is in a tight squeeze at the moment as highlighted in the grey box of the chart. It is also in a bull flag pattern. Breaks out north, will be a great rally and I will add upon confirmation on lower TF. Breaks down south, will be a slow movement.

PS. Still holding on to my 1305 and 1315 long positions - from previous published chart

Comment:

Previous trade idea

Dont short in a bull market

Comment:

Good to hedge? Broke 1330

Comment:

Great to hedge my longs - Bought Gold @ 1316.78

Comment:

Whilst hedging my long to protect my investments - Below is the chart to illustrate my trading plan.

More interested on the long side.

Comment:

IF price moves above 1330 - Will move my SL (Short) @ b/e

Comment:

Rejected 1330 - Closed below imaginary uptrend line - Heading towards base @ 1300 is a possibility

Comment:

1316.78 Long position closed at b/e

Will update trading plan

Comment:

liquidated all my longs. Holding my shorts.

Comment:

Apologise to those who wanted to short, but have warned them against in doing so. Gold was in a triangle and a day of rally can be fast and swift. Since I have 3 long positions, I had to hedge to minimise losses. Now Gold has broken 1300 with a "Big Shadow", would be hard to recover from here. All in all, profits are intact and closing this trade now @ 1271.61

Trade closed manually

Comment:

Entries:
Short positions x 2 @ 1336.74 Closed at 1271.61 (1352 pips total)

Long position @ 1330 stopped out @ 1310 (-197 pips)
Long position @ 1315 stopped out @ 1310 (-49 pips)
Long position @ 1305 stopped out @ 1289 (-159 pips)

947 pips in profit