TheTraderJ
Short

XAUUSD: Range trading in a slow market

FX_IDC:XAUUSD   Gold Spot / U.S. Dollar
FX_IDC:XAUUSD


Price has retraced 61.8% of the bear bar from the NFP report. This is a key level for a reversal.
Recently, a shooting star has formed on the chart followed by a red bar, both closing below the 61.8% resistance supporting the failure for a break-out.
MACD is also showing the beginning of a downwards curl by the fast MA, with the ADX also reaching a point of exhaustion (overbought).
Elliot wave on price close was used to determine take profit target. On the correction wave, take profit has been placed at the same level as the close of wave 4. (1259.67)
Since price has continuously tested the 61.8% resistance and not broken through, a tight stop-loss can be placed just above the 61.8% resistance at 1264.5. This represents a good risk/reward trade.
Initial take-profit level can be taken at point A (1260.93).
Thanks, trade well!
Comment: As this is one of my more riskier trades, take profits can be taken at the yellow fibonacci levels, some profit is always better than being greedy and losing all.
Cheers!
Comment: Full take profit point reached! Awesome trade on the risk and reward!! Can close all trades now.
Thanks, trade well!

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