Hello We have few scenarios, the first is the price broke from the inner trendline and is heading towards the outer trendline which lines up with butterfly 1. The second scenario is the price might head down towards the C leg of the red pattern or close to A leg and price might retract from that point. Third scenario is obviously a short trade when the pattern completes.
I prefer a safe trade, that is, selling at "D". I think that will enrich my account :P
KevinSinghDhaliwal
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Lets see if the price reaches that high, definately a possibility
IvanLabrie
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Interesting.
KevinSinghDhaliwal
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What do you think about this idea? I believe you are short around 1078?
IvanLabrie
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Short entry: 1116.14, SL 1156.51.
I'm not sure yet, I have that setup, it's tricky so I'm sticking to my mechanical setups here, I don't want to over-analyze gold and end up with analysis paralysis.
It might bounce at your red patterns' C point, but not sure it'll go that high.