Hi Trader,
please look at my attached idea to get all the informations you need for the trade.
We had a massive buying movement on yesterdays NY session which led us to new highs. Nonetheless I am still seeing a possible bearish outlook which would lead us to 1680s area once again, before we see the bearish case to be invalidated. This is due to daily timeframe which printed an obvious Zig Zag correction of the previous bearish movement from top at 1830 area. Looking at the inner wave structure of the bearish sell-off, it gives me reason to think that we may be in multiple Zig Zags, which would then lead to more selling pressure towards 1680s.
That said, we are going to play this short very tight since this idea can be invalidated with new highs above yesterdays session. That way, we will have tiny losses in comparison to what we are able to achieve. Also, we'll be forced to cut our positions due to invalidation and reflect once again what is going on with XAUUSD.
We wish you all the best!
RL from RT_Trading_
please look at my attached idea to get all the informations you need for the trade.
We had a massive buying movement on yesterdays NY session which led us to new highs. Nonetheless I am still seeing a possible bearish outlook which would lead us to 1680s area once again, before we see the bearish case to be invalidated. This is due to daily timeframe which printed an obvious Zig Zag correction of the previous bearish movement from top at 1830 area. Looking at the inner wave structure of the bearish sell-off, it gives me reason to think that we may be in multiple Zig Zags, which would then lead to more selling pressure towards 1680s.
That said, we are going to play this short very tight since this idea can be invalidated with new highs above yesterdays session. That way, we will have tiny losses in comparison to what we are able to achieve. Also, we'll be forced to cut our positions due to invalidation and reflect once again what is going on with XAUUSD.
We wish you all the best!
RL from RT_Trading_