im not interested to trade against impulsive waves but lets talk about this one
1- the structure in bigger time frames are bearish
2_ the impulsive wave 3 Or C going to met 4.23 fibo (expansion wave 1)
3 - by this set up there will be divergence on macd in multi time frames the most important 4h
there is much more reason to avoid this trade :
1- end of quarter coming which means there is high probability big short positions are closing to secure profits
2 - there AB = CD pattern loading in daily time frame with 1730 target
3 - price made a double bottom on yearly support zone 16016 area
4 - we have RD+ divergence in weekly time frame
5 - it is possible that we will see the spread of wars (china - south korea - etc ) which makes gold more valuable
So if you are already longed gold congratulation im not buying here there is no place to set my sl in another hand that short position have a tight sl above last major higher low in 4h chart
here is the plan if you flwed my position :
there is 4 probability
1 - the price flew and the stop activated ,( im risking only 1% so its not big deal i will light a cigarette)
2 - the price crossed 4.23 level and start playing around without hiting my sl ( ranged more than 1 h ) i will set my target on entry point this not how strong bears act on this level
3 - the price going down weak on correction waves i will trail my sl it could be just wave 4 before another impulsive wave 5
4 - the last the best : if price rejected so strong from this level it means bears killed bulls we going down i will add more shorts if i saw a correction second wave retracing our first wave to down side ( which could be a trancated wave 5 as well)
Gl Hf
1- the structure in bigger time frames are bearish
2_ the impulsive wave 3 Or C going to met 4.23 fibo (expansion wave 1)
3 - by this set up there will be divergence on macd in multi time frames the most important 4h
there is much more reason to avoid this trade :
1- end of quarter coming which means there is high probability big short positions are closing to secure profits
2 - there AB = CD pattern loading in daily time frame with 1730 target
3 - price made a double bottom on yearly support zone 16016 area
4 - we have RD+ divergence in weekly time frame
5 - it is possible that we will see the spread of wars (china - south korea - etc ) which makes gold more valuable
So if you are already longed gold congratulation im not buying here there is no place to set my sl in another hand that short position have a tight sl above last major higher low in 4h chart
here is the plan if you flwed my position :
there is 4 probability
1 - the price flew and the stop activated ,( im risking only 1% so its not big deal i will light a cigarette)
2 - the price crossed 4.23 level and start playing around without hiting my sl ( ranged more than 1 h ) i will set my target on entry point this not how strong bears act on this level
3 - the price going down weak on correction waves i will trail my sl it could be just wave 4 before another impulsive wave 5
4 - the last the best : if price rejected so strong from this level it means bears killed bulls we going down i will add more shorts if i saw a correction second wave retracing our first wave to down side ( which could be a trancated wave 5 as well)
Gl Hf
Trade active
Trade active:
trailed sl slightly above entry point 1664
Comment:
ok this looks wave 4 to me trailed sl to last valid high 1660
Comment:
trailed sl 1655
Comment:
stop lost survived with 0.05 lets see how it goes