Hi, I made a look back since 10 years ago on gold on a weekly time frame.
I found an amazing pattern yet simple pattern (AB=CD) and using fibo level to determine entry level.
Trend 1 (Bullish) : October 2008 to August 2011
Trend 2 (Bearish): September 2011 to December 2015
Trend 3 (Bullish) : January 2016 to present
With help of the fibonacci extension level,...
This was pattern was identified today, Sept 7.
Expect price to go down.
Entry - 1.2168 to 1.2258
SL - 1.2400
TP1 - 1.2050 (move stop loss to break-even)
TP2 - 1.1872
TP3 - 1.1699
Manage your exit properly. This is high probability trade set up.
Entry - 1544
SL (beyond X point) 1557 to 1560
TP (at least 2R) - 1514
This is a bearish cypher pattern on H4 and Daily Chart. If the market take our stop loss then it is a signal to go long.
Based on last week goldOANDA:XAUUSD run till today's highest peak, I'm looking to buy gold during retracement (Fibo Level between 61.8 and 71.8) with a selling target between Fibo 1.21 to 1.50.
This idea remains valid as long as the price doesn't breach the 1560 to 1565 resistance zone from 2011 data.
This set up will have more than 1.5 Risk and Reward...