DavoodWadi
Long

A Symmetrical Triangle in Gold during its b corrective wave

FX:XAUUSD   Gold / U.S. Dollar
Hi again,

We're near the end of the week and setups keep forming!

This one is also a bullish symmetrical triangle.

First by looking at the higher time-frames we did expect a rally in gold             to correct the Intermediate Bearish wave that completed.

The rally was fast and strong and it is currently resting at a symmetrical triangle for its b wave in order to make another rally to the upside.

My setup is short term but with multiple contracts and partial profit taking you can manage to exploit the whole corrective c move.

My entry would be at the touch of the lower trend line where wave e completes. @ around 1157.00
My stop would be under the c wave as always. @ around 1152.00

The initial profit target is at 1176.00 before the previous high just to get there fast. No other reason ;)

This is the idea for today.
Until next time, take care of your money.
Shame the price overshot the trendlines...
Reply
Looks more like a triangle wave 2 btw...what's your current take on it?
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