Description
⋅ XAUUSD ABCD Pattern for the beginning of February.
Expecting gold to touch 1163. But before that, it will touch 1166(around 0.5 of the Fib) and might touch 1181 again, then down.
It's possible that gold will spike up to 1195~1196 and then spike down, it's a good idea to put the pre-position the short at 1195.
Short from 1192~1195, TP1 1174, TP2 1166.
Comment
⋅ Since the bearish channel has been broken, gold might go up to 1205.
Take your profit around 1188 and watch the price action.
Comment
⋅ Looks quite bearish to me, keep the original TPs.
Comment
⋅ At 1188, it does re-bounce. I will watch the price action continually.
Trade closed manually
⋅ Rebounce to 1206.