FX:XAUUSD   Gold Spot / U.S. Dollar
Obviously we want to be very cautious going into tomorrow's trading session which features our monthly Non-Farm Employment change aka the Fireworks show. but was digging through some different markets tonight and noticed the abundance of opportunity setting up on gold             . The orange Gartley pattern is technically completed but features a very shallow "D" leg which significantly increases the risk and reduces the reward of the move. With multiple harmonic moves and Fibonacci confluence featured in that area it's worth taking a zoomed in view on a lower timeframe inside that "Killzone" and waiting for an alternate entry technique to see if you can grab a better price. Perhaps something to watch and not trade going into Friday.
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ABCD on 4H and D1
+1 Reply
If anyone knows where i can get historical economic data, please send me a link, i'd appreciate it. thanks, have a successful day folks!
Excited about this new strategy i'm testing feel free to check it out, don't mean to clog your page.
DayFarrell DayFarrell
i believe that the economic releases can be predetermine by the market also, i haven't started to work on it, but it's something that jumped out at me this week. that is my next course of study, which i don't think will be that difficult.
Maybe the Cypher on 4hr will give some insightful clues
Hey Bekkerm, just wanted to say that what you have there is not a valid Cypher pattern as the C leg is too shallow
bekkerm Akil_Stokes
Thanks for the correction!
+1 Reply
bekkerm bekkerm
See where I made the error now. Everyday is a schoolday.
+1 Reply
I'm riding the downtrend on this one on my demo account trying out some stuff from the harmonics @ Fib levels lesson of the Pro Trader course.
Target is set at 1242, a little above the 1.618 extension, with some support structure in Januari & Februari at that level (right in the kill zone you defined).
+2 Reply
Akil_Stokes Nico.Muselle
Nice, in my Live Trading room I always say when looking for places to take profits "think like the other trader" good stuff!
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