GOLD XAUUSD > Analysis > 01 February 2022
Hi all,
thought I would put out a quick idea I have been looking into.
Whilst I usually work with price action and pivot levels today I have noticed a few things that I think support a solid foundation to trade off. I personally feel it is very important to have reason for you trading and not just have arrows gambling a direction.
Technical:
Elliot wave theory - Last wave of cycle
- Minor degree wave, we have finished out pattern which indicates we are entering the new wave of of our major pattern.
- Major Wave E finishes bullish.
Bullish triangle formation which has been building up over the last year is getting close to its end.
Last weeks drop was caused by news. We have now gone back into the ascending channel which indicated we will continue in this projection.
1780 rejected with a hammer candle.
Fundamental:
Rate Hikes expected to come.
Issues between Russia and US.
Noise From Omicron is not super loud.
Thanks for reading and trade safely.
thought I would put out a quick idea I have been looking into.
Whilst I usually work with price action and pivot levels today I have noticed a few things that I think support a solid foundation to trade off. I personally feel it is very important to have reason for you trading and not just have arrows gambling a direction.
Technical:
Elliot wave theory - Last wave of cycle
- Minor degree wave, we have finished out pattern which indicates we are entering the new wave of of our major pattern.
- Major Wave E finishes bullish.
Bullish triangle formation which has been building up over the last year is getting close to its end.
Last weeks drop was caused by news. We have now gone back into the ascending channel which indicated we will continue in this projection.
1780 rejected with a hammer candle.
Fundamental:
Rate Hikes expected to come.
Issues between Russia and US.
Noise From Omicron is not super loud.
Thanks for reading and trade safely.
Trade closed: target reached:
Well exceed my initial target from Feb. You're welcome.