based on my wave analysis i say gold is gonna retrace ( wave 2) to that fib/support and resistance level correcting wave 1.
that means imma be looking to trade wave 3 all the way up and trading with the big trend-following dynamic traders move.
my confluences=
4h i gotta see lose of momentum down to that fib level small candles (shrinking candlestick ), showing that bears are out and the bulls taking the lead
*price action rejection on that level as I always look for long wick rejections and color change candles engulfing the previous once
*a divergence between wave A/C of WAVE 2
*a huge spike to the upside indicating the strength of the bulls
i scale down to the 1h looking for new structure forming in this case I be looking for higher high and higher low and the break of the structure is my entry confirmation
15 is my entry after emas crossover and the price above em
stops= bellow wave 2 or the previous lower low
target = 0.618 fib level of wave 1/2
always think of probabilities.
that means imma be looking to trade wave 3 all the way up and trading with the big trend-following dynamic traders move.
my confluences=
4h i gotta see lose of momentum down to that fib level small candles (shrinking candlestick ), showing that bears are out and the bulls taking the lead
*price action rejection on that level as I always look for long wick rejections and color change candles engulfing the previous once
*a divergence between wave A/C of WAVE 2
*a huge spike to the upside indicating the strength of the bulls
i scale down to the 1h looking for new structure forming in this case I be looking for higher high and higher low and the break of the structure is my entry confirmation
15 is my entry after emas crossover and the price above em
stops= bellow wave 2 or the previous lower low
target = 0.618 fib level of wave 1/2
always think of probabilities.
Trade active
Trade closed: stop reached