On the weekly chart of Gold, we saw that supply was greater than demand and a sell off followed through.
Drilling down to the 4 hours chart, we have a potential of getting into a sell off at a potential supply area.
We will place our order in the supply zone and place or risk a few pips (10) above the zone. Our TP will be the
next demand zone that was identified in the weekly chart.
Lets see how it plays out...cheers.
Drilling down to the 4 hours chart, we have a potential of getting into a sell off at a potential supply area.
We will place our order in the supply zone and place or risk a few pips (10) above the zone. Our TP will be the
next demand zone that was identified in the weekly chart.
Lets see how it plays out...cheers.
Comment:
As we have an impulse downside and we missed our zone by a few pips, entry will be taken based on the 4Hour chart. When bearish candle closes below the previous bullish candle low, we take our trade and place our SL as earlier described. Everything else remain the same...cheers..
Trade active:
Trade is live and active. Portion of the trade will be taken at the previous swing low (TP1). @1271.665..... then we move our SP to break even and let the rest run to next demand area @1250.882.
NOTE: Elliot wave principle also assisted in identifying the correction leading to the current sell off. This is a probability game and nothing is guaranteed. So money management is key to success here.
NOTE: Elliot wave principle also assisted in identifying the correction leading to the current sell off. This is a probability game and nothing is guaranteed. So money management is key to success here.
Trade closed: stop reached:
So gold did not respect the supply level identified and stop us out. Time to look for other opportunities...cheers