Gold - Swing long on 4th wave

FX:XAUUSD   Gold Spot / U.S. Dollar
316 0 4
As I wrote on Twitter yesterday, Gold             has possibly made a local bottom, completeing 3rd wave, and with increasing probability a correction (4th wave) is about to start.

- Bearish strategic Ichimoku setup is valid until Price is below Kijun Sen and Kumo cloud.
- Heikin Ashi pattern signals possible start of correction. haDelta/SMA3 back above zero line

- Neutral Ichimoku may easily switch bullish if Price breaks and stays above the thin Kumo. We already have a weak bullish Tenkan/Kijun cross. Price is flirting with Kumo and 100 WMA
- Heikin Ashi has bullish bias and could turn more bullish above Kumo.
- Further confirmation of the counter trend trade idea requires Price breaking 1097, thus Chikou Span making a medium bullish cross above past candles too.

In case of confirmation possible target area is 1120-1130.

The trade idea is against the major trend (swing long only) so start it only with 0,5 trade unit. Conservative traders should wait for 4H break confirmation and rather buy the first pull back, keeping the minimum required 1:2 expected risk/reward ratio. If you enter the trade and Price goes up, don't forget to trail your protective stop.
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
SV Svenska
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out