Trading textbook setups like the BoT may well just get you routinely fkd up the ass in Forex and/or on LTF equity charts.
But scale up to the vHTF charts, and it is a very different story (it would take Alien Empire proportions of market clout, to pull a FU move on the structure base @$1050 and run all them central banks out of their positions).
This Beamish BoT could not be more textbook.
CD Leg from the point of BoT entry usually takes ~25% of the time of the AB leg (but can go much faster)
How low do you see gold retracing for an OTE for an extremely long term swing?
MatTheCat
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@Lukas342, Gold is running into a collaboration of resistance levels right now...
But too early to talk about Shorts or how far it is going to retrace....I expect the coming price action to be quite bumpy over the next week or so, but that doesn't mean Gold is going to give a great deal back.....
...I reckon $1800 is very possible before this is out of juice......but no trade setup I would take in either direction beyond a little mini move on the 5 min charts.