Technician
Long

#Gold Forecast: Bullish Rebound! #forex

FX:XAUUSD   Gold/U.S. Dollar
2954 31 38
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
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xFuD
2 years ago
Gold does look bullish. Hope you can get a fill!
Reply
vila
2 years ago
As always very good analyze
Reply
thanks technician for this analysis
Reply
2use
2 years ago
Looking at your stops thats a possible HS formation in future. You never know how large can the right shoulder be
Reply
MisterTrader
2 years ago
Nice one !
+1 Reply
rmwallner PRO
2 years ago
Trying to predict bottoms is going to hurt, very very badly.
Reply
Technician TOP
2 years ago
Is it a potential head and shoulders mates
snapshot
+1 Reply
Technician TOP Technician
2 years ago
Inverse ofcourse..
Reply
kmk.msp Technician
2 years ago
great viewing technician
Reply
MuathAlBulbul Technician
2 years ago
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%?
Reply
Technician TOP MuathAlBulbul
2 years ago
Yes i still see the trade valid, although it reached 90 percent of target without triggering entry
Reply
MuathAlBulbul Technician
2 years ago
Thanks for the reply,
Do you advise going long after market opens? What if it opened with gap lower than current price?
Reply
OACFX
2 years ago
Betting on a medium term H&S for reversal toward 1180. Right shoulder reaching approx 1235
Reply
Technician TOP OACFX
2 years ago
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
2 years ago
Thanks for your contribution
Reply
PriceActionTrading Technician
2 years ago
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.
Reply
gunne821
2 years ago
Stop loss @ 1185? Or 1169?
Reply
IzzoFx PRO
2 years ago
Hello Technician. Are you on InstaGram? I posted the same set-up on my IG page. https://instagram.com/p/znCyOKFIU2/?modal=true
Reply
lambathanh
2 years ago
I don't think gold will turn up but I liked your trendline, waitting gold dow break under it ...
Reply
Technician TOP
2 years ago
The trade is active
Reply
keananlargo-afonso Technician
2 years ago
Broke trend line. Assuming you're out.

What are your thoughts from here?
Reply
HexVex
2 years ago
Lets cook some marshmallows on the campfire
Reply
Technician TOP HexVex
2 years ago
Mate, you say strange things that i don;t understand ;p
Reply
HexVex Technician
2 years ago
: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 :)
Reply
Technician TOP HexVex
2 years ago
Not sure what you really mean or intent... Do you mean that my trades always makes you want to puke ?
Reply
HexVex
2 years ago
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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Technician TOP HexVex
2 years ago
mmmm, naah, its just a phase...
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HexVex
2 years ago
How many shares are you promised?
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Technician TOP HexVex
2 years ago
lol, why you love to be vague....
Reply
HexVex
2 years ago
Pity about the NFP today... That's what I meant by the vague waiting by the campfire comment. You got first target though :)
Reply
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