GOLD UPDATE: AB=CD + Inverse 1.618 ext is completed
it's just very simillar for silver. if gold can't make a higher high, i will be ineterested to short gold again in lower time frame
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right now there is no topping formation yet. so just watch the price patiently
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wait for this zone and sell the pull back
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Update: After NFP, Gold Qucikly drop below 1340, Take a very quick money of 200 pips, and then wait to sell at pull back, i re-enter the trade at 1360 and 1366, now is 1352
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Nice drop. now is 1336
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Now hit 1310, nice short from 1330 again.
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Trade closed: target reached
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Look at this Trade! I still remember when gold at 1366 area, a lot of ppl questioned: It is obviously an uptrend? why u want to short? or: The fundamental wont' support gold to go down to 1200 again any more.
and now gold is 1182.
The key thing is not whether you guess the direction correctly or not. it is about whether u want to buy low or sell high. I also dun know what kind of fundamental changes will drive gold to 1200. but i know if i short at 1366 will be the lowest risk and highest reward.
Why patterns work? Why we need to learn patterns? Because there is no secret for the market. the market just repeat itself in all market , all time frame, over and over again.
if you master this AB=CD plus 1.618 ext method, some times you will be stopped out, but u just lose small money. but if you are not stopped out, because you entered at a very good price, ur profit will be awsome, maybe 5 times or 10 times of your reward.
So I think now you guys understand, whether the market goes north or goes south doesnt matter, what matter is Where is the highest quality trade?
I feel happy coz my students shorted gold above 1300 and makes nice profit. This proves that the strategy I mastered can be passed to some one else. More and more people will understand better of the market and master the ability to find the good quality trade.
Again, A big thank you to TRADINGVIEW , I love to share my ideas and my thoughts here. I have met a lot of students that comes from all over the wolrd. I have received thousands of greetings and thanks from all the Tradingview Users.
What I am doing in tradingview is simple:
Investor Education. I hope there are less people buying high and selling low due to greedy and fear. I hope there are more people who are trading in a more systematic way. Again: Plan your trade, and trade your plan. tntsunrise will not give u a fish to eat, but teach how to fishing. Best Regards