XAUUSD Trade UPDATE (GOLD to HIT $1850)
Hi Traders, here is my analysis for XAUUSD ( GOLD )
This is an update to my detailed analysis on this pair.
4Hr market structure confirms the bearish triangle formation with price action breakdown below $1920
Based on Elliot Wave Analysis we can identify current price action in the 4th corrective wave, where we will be anticipating and move lower to complete the 5th wave of the cycle.
My overall bias is still SHORT and to see price action hitting $1800.00 I've labeled the areas based on what I will be anticipating.
An entry will be taken only if all rules of my strategy are satisfied.
Add this pair to your watchlist and see if the rules of your strategy provides an entry.
Like and Comment your thoughts . All feedbacks are welcome.
If you are new to FOREX trading, here are the definition for words you may seen mentioned above.
Price Action: Change in the price value of a traded instrument whether Forex, Commodities or Indices.
Market Structure: This is classified as any group of candlesticks placed together with the use of Support, Resistance and Trendlines . once grouped they would provide a pattern to indicate a possible movement in price action.
Support: Areas in the market where price tends to reverse after a sell off (lower price action)
Resistance: Areas in the market where price tends stop, pause or reverse after bull run (higher price action)
Uptrend: price action in the market creating a series of high highs and higher lows.
Downtrend: price action creating a series of lower lows and lower highs Long: Taking a position to buy the base currency
Short: Taking a position to sell the base currency.
This is an update to my detailed analysis on this pair.
4Hr market structure confirms the bearish triangle formation with price action breakdown below $1920
Based on Elliot Wave Analysis we can identify current price action in the 4th corrective wave, where we will be anticipating and move lower to complete the 5th wave of the cycle.
My overall bias is still SHORT and to see price action hitting $1800.00 I've labeled the areas based on what I will be anticipating.
An entry will be taken only if all rules of my strategy are satisfied.
Add this pair to your watchlist and see if the rules of your strategy provides an entry.
Like and Comment your thoughts . All feedbacks are welcome.
If you are new to FOREX trading, here are the definition for words you may seen mentioned above.
Price Action: Change in the price value of a traded instrument whether Forex, Commodities or Indices.
Market Structure: This is classified as any group of candlesticks placed together with the use of Support, Resistance and Trendlines . once grouped they would provide a pattern to indicate a possible movement in price action.
Support: Areas in the market where price tends to reverse after a sell off (lower price action)
Resistance: Areas in the market where price tends stop, pause or reverse after bull run (higher price action)
Uptrend: price action in the market creating a series of high highs and higher lows.
Downtrend: price action creating a series of lower lows and lower highs Long: Taking a position to buy the base currency
Short: Taking a position to sell the base currency.
Trade closed: target reached:
Market Hit Target as anticipated. Hope you all were able to capitalize.
