GOLD 1H CHART ROUTE MAP UPDATEHey Everyone,
Please see update on our 1H chart idea, which has been playing out level to level.
Yesterday on our 4H chart update we stated that our 1H chart had a lock below opening the lower range. This was the 2498 bearish target, which was hit and followed with a cross and lock opening the retracement range 2484. This was also hit perfectly and gave the perfect bounce, as part of our plans to buy dips from the weighted levels.
We currently still have a gap above at 2509 and will only target this if the lower weighted levels are rejected with no further locks. Otherwise we are happy to track the movement down and catch the buys from the weighted level bounces. We will also keep in mind that a cross and lock below the retracement range will open the swing range for the extended bounce.
Our updated levels and weighted levels will allow us to track the movement down and then catch bounces up.
We will continue to buy dips using our support levels taking 30 to 40 pips. As stated before each of our level structures give 20 to 40 pip bounces, which is enough for a nice entry and exit. If you back test the levels we shared every week for the past 24 months, you can see how effectively they were used to trade with or against short/mid term swings and trends.
BULLISH TARGET
2509
EMA5 CROSS AND LOCK ABOVE 2509 WILL OPEN THE FOLLOWING BULLISH TARGET
2524
2535
BEARISH TARGETS
2498 - DONE
EMA5 CROSS AND LOCK BELOW 2498 WILL OPEN THE RETRACEMENT RANGE
RETRACEMENT RANGE
2484 - DONE
EMA5 CROSS AND LOCK BELOW 2484 WILL OPEN THE SWING RANGE
SWING RANGE
2472 - 2461
As always, we will keep you all updated with regular updates throughout the week and how we manage the active ideas and setups. Thank you all for your likes, comments and follows, we really appreciate it!
Mr Gold
GoldViewFX
