Bear Gartley, Sorry for the lack of explanation earlier, but we found this while in the middle of my live trading room session. Essentially this is a bearish Gartley (which may have double topped by now) coming into previous structure. So for those looking to catch a move short.
Hey Akil :) Was this a good trade or what?! ;) I took a Cypher entry (XA 1222.83/1205.40). I also see a potential bullish Cypher (X @ 1190.15). The CD leg hasn't broken B yet, but if it does, what do you think about an extended target on the Cypher, given that on the 4h chart, price action is in bullish rotation and gold is also bullish on the daily chart. The bears might also have a tough time with the 1200.00 even-handle. All in all, an extended target doesn't seem too unlikely given the confluence of data both in different time-frames and in the diversity of approaches [in which we can analyse the gold market] such as structure, price-action, harmonics, and patterns. What do you think? I'll definitely give it a crack ;)
Iassen K.
12 week course AKA the Sniper Academy for traders ;)
Akil_Stokes
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I'd personally be cautious about looking for a bullish extension until we trade above 1223 level but that's just me. I don't think it's a bad idea to shoot for it. If it hits they way you project, there's a ton of upside potential
Pokemon_King
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What's your target profit, Akil. 38.2 or 61.8 for target profit?
Iassen K.
12 week course AKA the Sniper Academy for traders ;)