Gold has put a new structure low on a daily chart.
Price might keep moving downward until it reaches next level of structure at 1178 (1414 Fib extension).
Pontetial ABCD pattern identified.
Stops placed just above previous outside return.
Nice risk to reward ratio.
If you are more conservative, you should wait for a retest of structure level at most recent outside return before entering this trade. Much better RR ratio though.
Price might keep moving downward until it reaches next level of structure at 1178 (1414 Fib extension).
Pontetial ABCD pattern identified.
Stops placed just above previous outside return.
Nice risk to reward ratio.
If you are more conservative, you should wait for a retest of structure level at most recent outside return before entering this trade. Much better RR ratio though.
Trade closed: target reached:
It took quite a while but it reached target.