XAUUSD Bearish Gartley

FOREXCOM:XAUUSD   Gold Spot / U.S. Dollar
In conjunction with my previous analysis of FOREXCOM:XAUUSD (link below in "Related Ideas"), a bearish Gartley is forming and approaching completion on the 1hr chart which may support my short term bearish bias on this commodity.

Used in conjunction with my previous H&S analysis this setup may provide a decent entry for the anticipated continued bearish move to about 1290 potentially.

The X point of this pattern has just been violated though price has as yet not closed above it which I would the consider an invalidation of the Gartley.
However, this would not entirely invalidate the pattern, but just result in the setup of a different pattern. In this case a Bearish Crab which I would be looking to complete about the 1326-1325 level.
The problem here is this is no mans land and as such difficult to identify a basis for setting a stop level (I tend to use ATR based stops above relevant highs or lows but there isn't one here that does not skew reward to risk).
As such I would be looking for a different entry basis that would also provide an appropriate basis for setting a stop (double top, some sort of bearish consolidation e.t.c)
Let's see how this plays out.
Comment: As expected (thank you markets), price action perfectly completed the Bearish Crab (pattern formerly known as Bearish Gartley) in the 1326-25 area which would have made for a beautiful trade entry opportunity but alas we didn't get our entry reason as price almost immediately reversed on completing the pattern.

Plus side, my IPDE is improving significantly, spot on analysis, didn't panic when the initial pattern was invalidated, flowed with the markets to identify pattern change and predict price action and we remained disciplined (to my teachers once again-Arigato gosaimasu).

So on to the next one. We still have the Head and Shoulders for this instrument so as price action breaks the neckline once more, let's see if we can find another entry opportunity on the next retracement (IF THERE IS ONE).


PS: I'm looking at what I learned as a sell signal on Gold 15 min (when I first started my trading education): 5 period EMA crossing below 20 period EMA, MACD crossing below signal line as well as RSI crossing below 50 - all at the same time. In conjunction with my new education knowledge, I don't expect this to be a head fake. So look for further down side - wait we already covered that :D
EN English (UK)
EN English
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
SV Svenska
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
HE עברית
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features Pricing House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Get Help Feature Request Blog & News FAQ Wiki Twitter
Profile Profile Settings Account and Billing Get Help Ideas Published Followers Following Private Messages Chat Sign Out