Jiraiya_eth

Gold Pull Back (23.6%)

Long
FX:XAUUSD   Gold Spot / U.S. Dollar
I've shorted Gold from the top, looking to target the 23.6% fib where I'll take 50% of my profits.

From this point, I'll observe to see if there's any signs of bullish reversals, if there is I'll hedge my short position with a long position of equal size and set my SL on my short position to breakeven.

I'm anticipating the formation of a Wolfe wave after the long setup highlighted is complete setting Gold for a long term short soon.
Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.