LeeFuGuo

XAUUSD / Gold - wait and wait and wait, then go LONG

FX:XAUUSD   Gold / U.S. Dollar
437 8 14
Pattern:
1) Bullish Gartley (Orange)
2) Bullish Crab (Yellow)

In 4 hours chart, price reversed nicely when the Bullish Gartley completed. But I expecting a Bullish Crab instead. Reason is due to the FOMC meeting which increased the probability of June rate hike (given that the economy data is good enough). But still their intention to rise interest rate is quite clear. So lets wait and see whether Gold             price will be able to push all the way down to 1217 - 1218 or it just go all the way up to 1260 (Fibo 38.2) or 1271 (Fibo 61.8). Currently price testing it resistance at 1256.
Bullish Crab I consider BC             leg 2.24 instead of XA leg is because BC             2.24 level fall exactly on Gold             resistance level which increases it probability of trend reversal.

DISCLAIMER:
I'm only providing my own thought toward the market but not making any trade call. Trade what you see.

Hit the like button if you agree with my idea and feel free to comment in a respectful manner if you have a different view on it. Appreciate :) Good luck
Comment:
snapshot

will it break ? or bounce back ? anyway I'm still bearish on Gold ... be patient and Good Luck :)
Comment: If the market broke the downside of the triangle ... 1244 need to be aware as market may bounce upward again from that level due to 1) support zone 2) double bottom 3) retest of Bullish Gartley ... anyway I expecting market to broke this level and go down further to 1217 (completion of Bullish Crab) ... lets see what market does ~ :)
Comment: triangle just broken ~ will it be this way ? or fall sharp ? :)
snapshot
Comment: Market retested the break out of triangle just like what i draw earlier ... just now market tested 1244 and bounced away ~ waiting for 4 hours candle for confirmation ...
snapshot
Comment: are you ready to go long ? price just touched 1230 ~ 130 pips more to go ... :)

Related Ideas

Nice analysis
Reply
LeeFuGuo wenshan
Thanks :)
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market retested the break out of triangle just like what I draw earlier ... now market tested 1244 and bounced away ~ waiting for 4 hours candle for confirmation
snapshot
Reply
what about buying?
Reply
ender.genom ender.genom
XAUUSD / Gold - wait and wait and wait, then go LONG
Reply
ender.genom ender.genom
ops... err
snapshot
+1 Reply
LeeFuGuo ender.genom
Great chart :)
Reply
LeeFuGuo ender.genom
I have a short TP at 1218 and a buy limit at 1216.5 ... SL 50 pips (tight SL) because its trade is quite risky as I entered the market before seeing any reversal candle ... Just my opinion ~ trade what you see :)
+1 Reply
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