tntsunrise
Short

GOLD BUTTERFLY PATTERN AND AB=CD MOVE

FX:XAUUSD   Gold / U.S. Dollar
4644 40 78
1119.00-1119.93
(SHORT GOLD             )
AB=CD BUTTERFLY PATTERN
SL: 1123.66
TP:
1101.50
1090
1055
Trade active
Comment:
snapshot
Comment: the inverse 1.618 again helps
Comment:
snapshot

1h charts shows a double top
Comment: Nice Drop, now is 1117.
Trade closed: stop reached: FOC MEETING ,hit stop loss at 1123
Trade active:
snapshot

Re-entered at 1126 for AB=CD Completion
Comment: SL 1133
Comment:
snapshot

after break this trend line, gold will continue to drop
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thank you so much Sir (y)
Reply
whats your opinion about eur/chf sir, will it bounce down like this setup
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i don't trade eurchf at all.
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my view on gold..

snapshot
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i dont know. B should usally be around the 786 and this is far beyond the 886. further the ABCD isnt really present here either. no clear impulse(at least no the way u drew it) + not even a 50% retracement. if anything its more of a three drives pattern. but a butterfly should ideally include a good abcd. put both those things together and we really have a forced signal in my opinion.
i mean i like the idea of goin short in this marketstate more than goin long ofc, and i agree that we might see a turn in the market soon. but if you search and draw patterns this sloppily, then you can almost always find a pattern that will suit your overall bias. but then there is no point of using them in the first place, then u can just enter based on your bias and see how it goes.

but remember, its just my personal opinion. and i really like your ideas normally. this one tho - not so much.
+1 Reply
ent short on gold just now SL 1127
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FawadJawed FawadJawed
^went
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jhakas FawadJawed
1123.87 is resistance today..
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SL triggered. This trade is over for me.
+1 Reply
jhakas Wesual
Check this possibility of gold..

snapshot
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Wesual jhakas
Thanks i'll monitor it. :)
+1 Reply
SL is 1123.66, my fxcm did not touch the SL
+1 Reply
jhakas tntsunrise
yes, high of gold was 1122.7
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Awelord tntsunrise
yes this was epic :) just a few pips but didn't touch!
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XAUUSD

I agreed with you Sir,I will short sell too, If the price fail to demand zone.
+1 Reply
tntsunrise TOP Funny_Jasper
yup. that demandzone will be good to take some profit
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This was accurate 1 TNT... similar to my thoughts shorted at 1122 last night .. good luck :-)
Reply
b point is to high to be a butterfly
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i Hit Stop after FOMC is that happen to all ?
+2 Reply
FawadJawed Omarragheb
my SL is at 1127
Reply
Just leave gold for now...
+1 Reply
ok
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will closely b watching its price action now...it looks towards 1136
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Got stop out, Market went up to 1127, cmp is 1124
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yes i short it at 1127, hit up TL
+1 Reply
are you Short at 1126, where stop loss ?
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time for a down move!
Reply
jhakas Tecnologia_Financiera
yesterday view..
snapshot



gold todays view..
snapshot
+1 Reply
jhakas jhakas
1114 and 1111 is good support... break is very difficult.. both has supporting trendlines and impt. figures.. break below will target 1106 and 1104
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Rayge jhakas
sure, 1110 has very strong resistance, broke out , gold will down to 1098 area
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jhakas Rayge
for now i think we will see gold again towards 1118 or towards 1122 again.. but a sell opportunity..

Gold Sell with Little SL. Short Term
Reply
Rayge jhakas
no, if gold wanna go down, it cannot back to 1118 again
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jhakas Rayge
maybe.. but if gold really want to go down then it will kiss 118.5.. but todays break of fomc spike and break of 1113 is indeed good for sellers..
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jhakas Rayge
my pattern suggests gold can kiss 1118.5.. but just an option.. not sure.. as i am short from gold from 1122.5 from 2 days now
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Rayge jhakas
now 1118area is resistance, if price over 1120 and hold on, i wont short it
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jhakas Rayge
gold kissed 1118 and down again... my view for gold now

snapshot
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break below 1108 will take it down to 1090 area again ! good luck for all who are in short :-)

snapshot
Reply
I think a break of your 60m trendline is a fair indication for any drop; and bearish divergence on D1; will keep eye on lower timeframes;
Reply
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