KVE
Long

XAU/USD: Gold bullish bat

FX:XAUUSD   Gold Spot / U.S. Dollar
496 5 15
RSI getting oversold, bat PRZ coming up, on the daily the MA(100) is closeby, on the weekly we are in the middle of the Bollinger bands ...

Look for ending structures and/or momentum divergence on smaller TF's around the PRZ....

Comment: Some bull power coming up at the moment..., 0.786 XA and 1.618 AB here so could be taking off early..., entered a small long already, will add on bat completion. If it doesn't go lower then targets for current long are 1250 and 1264...
Trade active: Added a long at 1221.28, 15min. seems like we could be developing a wedge, one more push down likely...

Additional buy limits at 1220 - 1217.5 - 1213 to get to 100% of my preferred position size....
Comment: Added one more long here. Still buy limits at 1220 - 1217.5 - 1213 to get fully invested.

Possible wedge:
snapshot
Comment: Missed the 1217.50 entry by 0.50...

Have to leave the screen for a while..., leaving the buy limits on, adjusting my SL to 1190, position size for additional buy limits adjusted slightly also, don't like to have it above 1200...
Comment: Depending on the broker data feed I use the 4H bat completed exactly or just fell short of completion..., not sure therefor that the down move is fully over..., could re-test lows or even fall a little more...

On the 15min.: Possible wedge breakout but the pullback from the low seems to have run out of steam now, possibly going back down now, looking to add long at 0.618 retracement, watch 1220...

snapshot


SL options for low-risk traders and people who traded the wedge breakout: tight below the low of today at 1215 or a little wider at 1205, OR below 1200 to give it some more room... (best if trading the bat on the 4H...).
Comment: 4H update: low was at 0.876 XA on this data feed...:
snapshot
Comment: I'm taking off the remaining buy limits..., let's see what happens now...
Comment: 15min idea on the wedge:

Need some higher highs now to confirm possible emerging uptrend...
Comment: Nice move starting here!!

snapshot


SL to 1217, targets for bat are on for me!
Comment: Wedge trade closed for small net profit, closed the rest...

15min shows a bearish flag now... Possible new push down coming...

As for this bat: Taking some off the initial long now at BE..., shifting SL back to 1190, will be adding a few longs from here to 1208, call me stubborn..., half the initial risk though!
Comment: I bought 1213 and 1209, already had one from 1220, can still add 1 position to get me fully invested...

Possible wedge on the 1H:
snapshot


4H pinbar(s) forming near support:
snapshot
Comment: No bat..., pierced the MA(100) and around 1205 support now (no daily close below yet!), if we break support new down target is 1181 for me (261.8 ext of possible wave 1 from 1303 to 1257 and possible trendline test...)

Took new long from 1202 this morning, just closed 1202 and 1213 at 1208.50 for small profit...
1209 and 1220 still open... (half of initial planned risk...) Will try to at least BE on these...

Still expecting some higher degree up retracement within the coming week so might add long around 1190-1182-1265 if I see anything...
Comment: Closing all longs at 1233, if we get there...

This might be the current situation...:
Trade closed manually: All longs closed at BE, no loss incurred. But now it's up of course..., damn...
Comment: Anyway, no loss, so I should be happy right...?! :-s
l agree with you
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TOP KLASSE!
Reply
KVE Yahia.Awes
Thanks, as always we'll see... ;-)
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sir can i buy more???
Reply
KVE hassan.saeed881994
That depends on your strategy and money management... I can't tell you what to do, I can only share what I myself think and/or do.

Don't blindly trade off idea's posted here, the question you ask tells me that you probably do so, which is a really bad idea...

Take any published idea on Tradingview if you like it, analyze and (double-)check for yourself, then you and you alone can decide whether or not the trade is worth taking and decide on the position size and SL depending on your money management rules and risk tolerance!

Good luck!
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