Balazs

What To Watch For Next Time - Trend Reversal

FX:XAUUSD   Gold / U.S. Dollar
67 0 3
It already happened but a good lesson for next time, don't worry there will be lots of opportunities.
We saw a double top & fulfilled 2618 right at the top trend line (indicating reversal). It retraced to the 786 level (nice entry) and went all the way down to the 127 fib extension (a profitable second target).

Now, we have an even larger incomplete 2618 coming back up to the 618 level. So we might see some further drop down, but keep in mind this is an uptrend for the time being so don't get greedy with targets.

snapshot


You can also implement this principle and look for it at the bottom of the lower trend line .
Comment: Had a good brief opportunity to go with the uptrend and buy. Despite being near the middle of the channel, we had a double bottom and full 2618 trade that reached target 2 (127 extension).

snapshot


Now we'll see what kind of pattern develops along the bottom trend border.
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