FX:XAUUSD   Gold Spot / U.S. Dollar
Hello Traders,

We just got the completion of a bearish gartley pattern, with a really low risk and high reward, since the market has gone beyond the completion point of 127.2% Fib extension level. The trade is active now. I would prefer to get out of this setup before getting into the bearish bat pattern shot, which is also about to be completed. You can decide for yourself whether you want to hold 4 short positions on FX:XAUUSD             or 2. Notice that the market has been ranging for quite some time, thus there is a chance that these patterns might work in our favour. See the chart above for targets and stops for both bearish patterns.

That’s all I would like to cover for this trade setup. If you guys have any questions or comments about this trade, feel free to write in the comment section located under this description section. Hit that thumbs up button (top left corner of this chart) if you like the idea. Thank you everyone for all the SUPPORT that you have given me so far, I truly appreciate it. All The Best :)

Follow me on Twitter as well: moneymaking2016
Comment: UPDATE #1: 1st target reached for the bearish Gartley Pattern. Bat pattern not completed yet. Stops can move to break even :)
Trade closed: target reached: UPDATE #2: 2nd Target reached for bearish Gartley Pattern. Flat on short positions. Still waiting for bat pattern completion, which remains valid UNTIL we get a close below the C point :)
Comment: UPDATE #3: Bat pattern completed and just got target #1 hit for the bearish bat pattern. Stops move to break even !!
Trade closed: target reached: UPDATE #4: Target #2 reached for the bearish bat pattern. All short positions are now closed :)
Excellent mate.
+1 Reply
moneymaking IvanLabrie
Hey mate, thank you. Appreciate it :)
+1 Reply
Excellent man.
+1 Reply
moneymaking IvanLabrie
Hey Ivan, thank you mate, appreciate it. What's your outlook for gold in coming weeks? you posted any ideas for it yet?
IvanLabrie moneymaking
I had posted one, we might be commencing the retracement I expected. Silver outperformed gold interestingly, which is no surprise based on the position of the strongest monthly resistance (in gold it sits at 1283, in silver at 30). So, Silver had more upside room, and still has more.
Gold, I'm a bit torn, it would take time to break the 1283 resistance, so it can most likely retrace, or go sideways for an extended period of time. Not trading it yet personally.
Nice one, mate!
+1 Reply
Hey Max, thank you mate, appreciate it. How's your week going?
Max_N moneymaking
Better than last week. :)
+1 Reply
Awesome, great to hear that :)
Agree, additionally 1.618 of AB @ 1266. I will be entering at 1263-1266.
+1 Reply
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