Technician
Long

Gold: Aiming for a Bullish Rebound

FX:XAUUSD   Gold/U.S. Dollar
872 8 12
Update: I cancel this trade, I prefer to wait for more confirmation for now.

If wave count is correct, it might be the end of an ABC correction, at the 50 percent Fibonacci of the overall bullish wave from 1178 to 1392 at 1285 level.As price forms a ending diagonal. Initial reaction was rejection, and thus am taking a long shot with a tight stop loss.
Note: this is a counter-momentum risky trade.
***Correction: Ending Diagonal not leading, excuse me was in a rush.

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Trading Criteria:
1. Trades are taken in two units
2. First unit would be closed at first target
3. Stop loss is then moved to break-even
4. Second unit would be closed at second target
5. Note that If 90 percent of first target is reached without triggering entry, trade is cancelled
6. Remember: Losing is a main part of the game ;)
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Have you already enterred this position or waiting for the pullback?
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Technician TOP Kumowizard
2 years ago
No I haven't really, looking to enter lower if i get the chance to.
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Kumowizard PRO Technician
2 years ago
ok, thx. I hv been chasing this rebound trade myself for a while too. Except taking my focus away from some better setups on other products, it did not bring me too much luck. But also on my daily setup it looks finds some support at 1285. Either 1288 or on the break above 1300 I will try to enter. Good luck frd!
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Technician TOP Kumowizard
2 years ago
Good luck
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***Correction: Ending Diagonal not leading, excuse me was in a rush.
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I'm going to hold back on this one and wait to see if it retests 1285, if it gets rejected again and bulls break 1300 I will go long.
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Technician TOP the_one_that_got_away
2 years ago
Good Idea to wait for more confirmation , good luck
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Update: I cancel this trade, I prefer to wait for more confirmation for now.
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