First of all we have Fib 38.2 at 1317 (Big wave from 1237 to 1366) which is a good support.
Then the price broke the 1317 last day as resistance, so this level will be as support now and it's good opportunity to buy in pullback.
Finally we have a good Bullish Bat pattern, Which X is on support , and B is between Fib 38.2 and 50 % of X-A , and C is on Fib 88.6 of A-B. So according to Bat pattern we can put buy limit order on Fib 88.6 of X-A or 261.8 of B-C.
My strategy
Buy limit on
XAUUSD
Entry = 1316.5 to 1317
Target 1 = 1321
Target 2 = 1324
Stop Loss = 1314.7
Then the price broke the 1317 last day as resistance, so this level will be as support now and it's good opportunity to buy in pullback.
Finally we have a good Bullish Bat pattern, Which X is on support , and B is between Fib 38.2 and 50 % of X-A , and C is on Fib 88.6 of A-B. So according to Bat pattern we can put buy limit order on Fib 88.6 of X-A or 261.8 of B-C.
My strategy
Buy limit on
XAUUSD
Entry = 1316.5 to 1317
Target 1 = 1321
Target 2 = 1324
Stop Loss = 1314.7
Order cancelled:
Good Analyze but a little mistake in Entry point
Price went up from 161.8 of B-C and 61.8 of X-A so this pattern didn't work according to the Bat pattern.
My Mistake was in ignoring Daily pivot points where the daily pivot is in 1318 and this point has the potential of pullback.
So we could set the entry point from 1318 to 1316.5.
All in all, the target was determined very good.
Price went up from 161.8 of B-C and 61.8 of X-A so this pattern didn't work according to the Bat pattern.
My Mistake was in ignoring Daily pivot points where the daily pivot is in 1318 and this point has the potential of pullback.
So we could set the entry point from 1318 to 1316.5.
All in all, the target was determined very good.