Gold has made a .618 + retracement of Intermediate wave 1. Over the last 3 days price has moved up , and on Friday closed above the 10 MAV.
Entry 1- choice to enter at the 10 MAV value on Monday or at market open price.
Stop - beneath the candle breaking the 10 MAV = 1249.80
Entry 2 - if price moves up beyond the 20 MAV, set a pending order to buy at the value of the 20 MAV.
Stop - beneath the candle breaking the 20 MAV.
Targets
1. The Upper 2SD Bollinger band = 1291.66
2. Equal legs extension of intermediate wave 1 = 1322.59
3. 1.27 Fib extension of intermediate wave 1 = 1344.77
4. Prior Key Swing High ( and 1.618 fib extension) = 1375
Exits
1. Protective stop is hit = 700 pip loss. Trade is invalidated and closed.
2. Confirmed break of 10 MAV. Partial closure of trade if wished.
3. Confirmed break of 20 MAV. Trade is closed.
***** A confirmed break is daily close beneath the moving average. A wick does not count.
Entry 1- choice to enter at the 10 MAV value on Monday or at market open price.
Stop - beneath the candle breaking the 10 MAV = 1249.80
Entry 2 - if price moves up beyond the 20 MAV, set a pending order to buy at the value of the 20 MAV.
Stop - beneath the candle breaking the 20 MAV.
Targets
1. The Upper 2SD Bollinger band = 1291.66
2. Equal legs extension of intermediate wave 1 = 1322.59
3. 1.27 Fib extension of intermediate wave 1 = 1344.77
4. Prior Key Swing High ( and 1.618 fib extension) = 1375
Exits
1. Protective stop is hit = 700 pip loss. Trade is invalidated and closed.
2. Confirmed break of 10 MAV. Partial closure of trade if wished.
3. Confirmed break of 20 MAV. Trade is closed.
***** A confirmed break is daily close beneath the moving average. A wick does not count.