21/10/07 - XAUUSD (Gold) Is In Flat Correction - By RT_Trading_
Hello Trader,
I'm happy to provide you with a new Idea based on XAUUSD (Gold). Our last Analysis and forecasts had an accuracy of around 90%. We are very proud of our work so far. We also want to say thank you for the amazing feedback we got from your side. I can only repeat myself: Feel free to write us a personal message if you have any questions according to your trading and your possible trading improvements. We will help you where we can.
That said, what is Gold doing next?
By giving it a closer look on 15 minute timeframe, it looks like Gold has done building up its first impulsive wave that is made out of 1-5 wave in which wave 5 is an ending diagonal. After such a diagonal, a correction is the consequence. Since Gold is becoming very bullish we made a new high within this correction. This brings me to the conclusion that it can only be a flat pattern in which wave B exceeds the beginning point of wave a. Most traders would see this as a ''breakout'' and would start longing based on this PA.
Nonetheless, we know how Banks play and we always are one step ahead. We engaged our Short entries at the top of wave B on the 124% Fibonacci Extension. Our RR will be amazing. Since a Flat can't exceed 124% we are allowed to easily get an invalidation area - this on the other hand allows us to play this short with a super tight stop - that means if we win our reward will be huge in comparison to our risk. If this Analysis fails (because you can never know if you are right or wrong), our loss will be minimized and we won't endanger our profits we made this week.
That said, we wish ya'll the best of luck and a profitable day.
This is no financial advise,
RL from RT_Trading_
I'm happy to provide you with a new Idea based on XAUUSD (Gold). Our last Analysis and forecasts had an accuracy of around 90%. We are very proud of our work so far. We also want to say thank you for the amazing feedback we got from your side. I can only repeat myself: Feel free to write us a personal message if you have any questions according to your trading and your possible trading improvements. We will help you where we can.
That said, what is Gold doing next?
By giving it a closer look on 15 minute timeframe, it looks like Gold has done building up its first impulsive wave that is made out of 1-5 wave in which wave 5 is an ending diagonal. After such a diagonal, a correction is the consequence. Since Gold is becoming very bullish we made a new high within this correction. This brings me to the conclusion that it can only be a flat pattern in which wave B exceeds the beginning point of wave a. Most traders would see this as a ''breakout'' and would start longing based on this PA.
Nonetheless, we know how Banks play and we always are one step ahead. We engaged our Short entries at the top of wave B on the 124% Fibonacci Extension. Our RR will be amazing. Since a Flat can't exceed 124% we are allowed to easily get an invalidation area - this on the other hand allows us to play this short with a super tight stop - that means if we win our reward will be huge in comparison to our risk. If this Analysis fails (because you can never know if you are right or wrong), our loss will be minimized and we won't endanger our profits we made this week.
That said, we wish ya'll the best of luck and a profitable day.
This is no financial advise,
RL from RT_Trading_
Trade closed: target reached:
TP1 hit. Now off to TP2. We will switch to buys from there.
Trade closed: target reached:
TP2 smashed. Now into buys