trading4fun
Long

It's time to buy GOLD long term

FX:XAUUSD   Gold Spot / U.S. Dollar
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Hallo traders,

This is my first published idea and I am learning now how to publish here. I will update frequently it with additional info.

Technicals:
According to my EW count we are at the end of the Expanding flat (example on the chart) correction started 9 months ago. This could lead to powerfull bull run with targets 1425-1430 and 15010-1515 which should represent wave 3 in our bull trend.
The first buy window is 1140-1160 $ with targets 1.236 FIB on BC which is 1428 and 1.618 FIB on BC - 1514. This window is supported by multi year trend line .
The second buy window is 1095-1085 $ with targets 1.236 FIB on BC which is 1444 and 1.618 FIB on BC - 1550.
The second window also completes the bat pattern .

Invalidation daily close below 1080.

Fundamentals: We are heading FOMC on 14/12/16. No hike could trigger buying in the first buy window and 0.25 BP hike could lead us to the second buy zone at 1088. Another thing to consider is we had a good NFP with almost no reaction to it. For me this is bullish .

Trade this idea on your own risk.
Comment: The big picture
Comment:
Trade active: Added 1155
Trade active: Added long 1136 SL 1132
Trade closed manually: Waiting for better entry
Trade active: Long 1127 SL 1124
Comment: Targets for now are 1444, 1530 and 1696
Comment: Positions hedged @ 1128.5
I think we have one more leg down. Buy limits on 1117 and 1092
Comment: Buy from 1155 closed at 1158. Buy from 1127 still running. We have more complex wave 4 before the last wave 5 which could give us a double bottom or lower low.
Comment: Positions Hedged @ 1163. Bullish Shark emerging.

The shark should complete the 5th and final wave down.
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