Gold could potentially be completing a chypher pattern on the daily time frame. If the markets drop to leg D, 1179.69, it will be a good time to start looking to go long.I am looking for Take profit 1(1203.46) on the 38.20% Fibonacci retracement level and take profit 2(1218.40) on the 61.80 retracement level. Stops will be placed below leg x.
important to note( FOR BEGINNERS ):
1)This is potentially a good swing trading opportunity and low lot sizes should be used to accommodate the big stop loss level
2)This is the daily time frame and this trade could possibly take a while to execute
3) GOING LONG ON THIS TRADE WILL ONLY BE VALID IF THE MARKETS DROP DOWN TO LEG D (POINT 1179.69)
Trade with caution as this is not professional financial advice.
GOODLUCK
important to note( FOR BEGINNERS ):
1)This is potentially a good swing trading opportunity and low lot sizes should be used to accommodate the big stop loss level
2)This is the daily time frame and this trade could possibly take a while to execute
3) GOING LONG ON THIS TRADE WILL ONLY BE VALID IF THE MARKETS DROP DOWN TO LEG D (POINT 1179.69)
Trade with caution as this is not professional financial advice.
GOODLUCK