XAUUSD, 2hr tf, elliott waves wave-3 extension
Hello my friends,
I took a sell position yesterday on XAUUSD but i didn't posted it here because i was busy yesterday.
I am gonna share my analysis for XAUUSD and if you want to enter this trade you could set a sell limit pending order.
As you can see, 2 days ago XAUUSD suddenly dropped by 300 pips and then retrace to recover its losses in a short duration.
That downward movement could be seen as an impulse movement and those retracement is the correction.
I will label it as wave-1 and wave-2.
Right now we are on wave-3 and this could be an extension.
We are now on retracement after a rapid drop as well and i think this could be seen as wave-iv correction.
Remember the rules that 4th wave could never touch 1st wave area so we will use this as our invalidation stop loss.
Sell XAUUSD 1880
Stop loss 1885
Take profit 1858 (4.4)
RR Ratio 1 : 4.4
Use only 1-2% risk
Good luck
I took a sell position yesterday on XAUUSD but i didn't posted it here because i was busy yesterday.
I am gonna share my analysis for XAUUSD and if you want to enter this trade you could set a sell limit pending order.
As you can see, 2 days ago XAUUSD suddenly dropped by 300 pips and then retrace to recover its losses in a short duration.
That downward movement could be seen as an impulse movement and those retracement is the correction.
I will label it as wave-1 and wave-2.
Right now we are on wave-3 and this could be an extension.
We are now on retracement after a rapid drop as well and i think this could be seen as wave-iv correction.
Remember the rules that 4th wave could never touch 1st wave area so we will use this as our invalidation stop loss.
Sell XAUUSD 1880
Stop loss 1885
Take profit 1858 (4.4)
RR Ratio 1 : 4.4
Use only 1-2% risk
Good luck
This is a 4.4R trade, 8.8% profit banked