1304 1H plan GOLD is waiting for a reversal signal to open buy
Hello traders,
This is a trading plan on 1h chart for gold.
Yesterday we got an idea on gold that expecting price move sideways to give us a signal to sell or buy. Gold did made a ABC wave flag. But it is not easy to see on 1h chart. You can check on 15m chart. And price break through last low 1731.4 hardly with more than 3 candles on 1h chart. So we did not open a trade to for a breakingthrough try as it is hard to set STOP LOSS and Risk to reward ratio is not reasonable.
Price keep moving down in this Asia session and now it is testing 1h support 1 zone. If you check it in this ABC way, you could see now it is on the position of FIBO ext 1.27 of wave A which is a very possible position for reversal.
But this is only a plan to buy on the condition that gold will go sideways above 1H support 1 zone first and then give us a strong reversal candlestick patterns above average band of BB.
On that case, we would consider the swing from E position as a grand super corrective wave, and gold should make a new high after to break 1H resistance zone , possible up to test 1800 again .
BTW, based on this new buying idea, our last signal on gold to buy, now is still targeting 1722, may be closed manually eventually if the reversal signal appeared. That would make a trade with RR>2 still. Not bad, right ?
Good luck on this 1h buying plan.
LESS IS MORE!
This is a trading plan on 1h chart for gold.
Yesterday we got an idea on gold that expecting price move sideways to give us a signal to sell or buy. Gold did made a ABC wave flag. But it is not easy to see on 1h chart. You can check on 15m chart. And price break through last low 1731.4 hardly with more than 3 candles on 1h chart. So we did not open a trade to for a breakingthrough try as it is hard to set STOP LOSS and Risk to reward ratio is not reasonable.
Price keep moving down in this Asia session and now it is testing 1h support 1 zone. If you check it in this ABC way, you could see now it is on the position of FIBO ext 1.27 of wave A which is a very possible position for reversal.
But this is only a plan to buy on the condition that gold will go sideways above 1H support 1 zone first and then give us a strong reversal candlestick patterns above average band of BB.
On that case, we would consider the swing from E position as a grand super corrective wave, and gold should make a new high after to break 1H resistance zone , possible up to test 1800 again .
BTW, based on this new buying idea, our last signal on gold to buy, now is still targeting 1722, may be closed manually eventually if the reversal signal appeared. That would make a trade with RR>2 still. Not bad, right ?
Good luck on this 1h buying plan.
LESS IS MORE!
Comment:
That is a perfect calculation of entry position.
Still got a chance to follow the new swing today.
Follow the new trend by ABC wave.