Technician
Long

#Gold Forecast: Bullish Rebound! #forex

FX:XAUUSD   Gold / U.S. Dollar
2963 31 39
Update: The trade is active
Update: Stopped out

Regardless of the latest strong bearish wave, the structure of higher highs and higher lows hasn't been broken yet, as the latest higher low is still intact and that keeps the short term bullish trend valid and hints a potential rebound as price attempts to maintain this structure with a new higher low. Having that said, i was looking for some bullish rebound signals that i could speculate on, what we have is : Multiple pin bars at the 61.8 key retracement level and near the rising trend line .. I am long from 1205 in my personal account, however i placed 1200 as an entry point for this idea for a more optimum trade in terms of a better risk-reward...

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Trading Criteria:
1. Trades are taken in two units
2. First unit would be closed at first target
3. Stop loss is then moved to break-even
4. Second unit would be closed at second target
Notes:
5) If 90 percent of first target is reached I move stop loss to breakeven.
6) If 90 percent of first target is reached without triggering entry I cancel the trade.
7) Remember: Losing is a main part of the game
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Good luck, keep your stops tight..
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Technician
Gold does look bullish. Hope you can get a fill!
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As always very good analyze
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thanks technician for this analysis
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Looking at your stops thats a possible HS formation in future. You never know how large can the right shoulder be
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Nice one !
+1 Reply
Trying to predict bottoms is going to hurt, very very badly.
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Is it a potential head and shoulders mates
snapshot
+1 Reply
Technician TOP Technician
Inverse ofcourse..
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kmk.msp Technician
great viewing technician
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MuathAlBulbul Technician
Dear Technician,
Does this mean you're still hung in this long trade? Or you have closed the trade since it didn't reach 90%?
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Technician TOP MuathAlBulbul
Yes i still see the trade valid, although it reached 90 percent of target without triggering entry
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MuathAlBulbul Technician
Thanks for the reply,
Do you advise going long after market opens? What if it opened with gap lower than current price?
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Betting on a medium term H&S for reversal toward 1180. Right shoulder reaching approx 1235
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Hmm, i see your view, pretty risky to speculate on that though
+1 Reply
Hi tech,

i would like to contribute some confirmation to your idea.

snapshot


Thanks.
+1 Reply
Technician TOP PriceActionTrading
Thanks for your contribution
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Not to mention a close above the swing point will complete the inverse head and shoulder as other traders have already noticed.
so i will only trade when price retest the neckline once it closes above it.
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Stop loss @ 1185? Or 1169?
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Hello Technician. Are you on InstaGram? I posted the same set-up on my IG page. https://instagram.com/p/znCyOKFIU2/?modal=true
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I don't think gold will turn up but I liked your trendline, waitting gold dow break under it ...
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The trade is active
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Broke trend line. Assuming you're out.

What are your thoughts from here?
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Lets cook some marshmallows on the campfire
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Mate, you say strange things that i don;t understand ;p
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HexVex Technician
:D It's true. It's a tuesday. You buy what everyone else flushes down the hole and hope you dont get sick. It always makes me want to puke :)
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Not sure what you really mean or intent... Do you mean that my trades always makes you want to puke ?
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It's a way of saying yeah lets wait. Gold is tricky. Short sharp moves which are nice to catch if you can but not many do. You used to of course but not anymore. Isn't precision permitted anymore?
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mmmm, naah, its just a phase...
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How many shares are you promised?
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lol, why you love to be vague....
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Pity about the NFP today... That's what I meant by the vague waiting by the campfire comment. You got first target though :)
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