XAUUSD: trying to break the channel

FX:XAUUSD   Gold Spot / U.S. Dollar
XAUUSD: trying to break the channel, better wait for another opportunity to set a short order.
Personally I'll be careful of placing buy orders now, since the wave A downward on D chart is still in progress.

Please also refer to my former analysis linked below, hit the "like" button if my analysis is helpful in someway for you.
Thanks for your support and good luck trading!
Hello Jason,
Thank you for your analysis. I am in the process of learning and like to look at your charts. I don't know what you mean by "since the wave A downward on D chart is still in progress". Is there anyway of explaining or showing this on the chart so I might understand. That way I'll know what I have to learn. I understand it is not your job to educate me and so understand if you don't respond.
Sincerely appreciate all your effort.
Thank you and kind regards
@Cocomo, Hi my friend, glad to receive your message. I just drew an analysis of the potential wave pattern on Day chart for your information: But plese note: 1. in my system, wave pattern is a guidance of the direction, not a condition of making tradde stragegy. eg: I think XAUUSD is in downward wave a, so I'll just seek for top patterns on smaller time frames to short it. 2. the wave pattern of 1~5 and a~c are not of the same degree, which means wave abc may not drop that much, it they could be an extension of wave 3-3. This might be a little bit hard to understand. But we need to know that all theories must subject to the actual market patterns. So I'll just follow up the market and see how it goes, then adjust the expection accordingly. Hope that explains the question you proposed. Will be my pleasure to share my thoughts with all traders. Regards, Jason
+1 Reply
Cocomo JasonSong
Hello Jason,
Thank you for the information, your skilled insight. The information you have provided is much more than I was expecting and greatly valued. I have been "studying" Elliott Wave recently but as it is such a big strategy with so many variations I can get lost. The added information you have provided gives me a larger structure to consider and to observe the smaller time frames within - this will greatly aid my learning. I some times get caught in the smaller time frames and don't see the bigger picture - it is always more complex than I think. I will continue to observe and adjust accordingly and look forward to your future posts.
Once again, thank you. I appreciate the time and effort you invested to respond to my message.
Wishing you well and good fortune:-)
Kind regards
Good analysis
JasonSong muzicking
@muzicking, Thanks for your suppport, my friend. Good luck trading!
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