XAU/USD: Gold short to complete AB=CD and/or bat?
Several possibilities for Gold at the moment, it all depends on what PA will do in the coming days...
Currently looking to short close to the trendline and/or the 0.618-0.786 retracement of the last move down (possible AB=CD) to hopefully catch a new wave down to complete a new AB=CD pattern... Will be looking at lower TF's to pinpoint an entry and possibly use a tighter SL! Very nice R/R possible on this one!
If it fails and the trendline breaks (we did possibly complete a zigzag ABC close to the 0.618 of the last big move up (bat XA) and re-test the broken trendline (dashed)...) then it is possible that we will get a new larger up wave..., in that case my SL is there to protect me!
If I get my entry and it heads further down I will take profit as shown (possible TP2 at bat completion) and I will also be looking for new setups around the levels depicted by the rectangles on chart.
Ultimately we might get a bulish bat completing around the 'up' trendline as shown in the chart. Possible setup on chart with the standard 2 TP's...
Far from there atm, as always: we'll see!! Happy trading!
Currently looking to short close to the trendline and/or the 0.618-0.786 retracement of the last move down (possible AB=CD) to hopefully catch a new wave down to complete a new AB=CD pattern... Will be looking at lower TF's to pinpoint an entry and possibly use a tighter SL! Very nice R/R possible on this one!
If it fails and the trendline breaks (we did possibly complete a zigzag ABC close to the 0.618 of the last big move up (bat XA) and re-test the broken trendline (dashed)...) then it is possible that we will get a new larger up wave..., in that case my SL is there to protect me!
If I get my entry and it heads further down I will take profit as shown (possible TP2 at bat completion) and I will also be looking for new setups around the levels depicted by the rectangles on chart.
Ultimately we might get a bulish bat completing around the 'up' trendline as shown in the chart. Possible setup on chart with the standard 2 TP's...
Far from there atm, as always: we'll see!! Happy trading!
Trade active:
Short entry order triggered, didn't get a chance to add manually, but it's going well...
Comment:
Just took 50% profit after price spiked down..., possible trendline support...
