December gold is in range before breakout late Dec to early Jan..
Targets 2050 (at least) - ill update for higher targets.
Targets below must break invalidation level. If it does this count is all wrong and needs to be bearish then (mid term)
So this is my count and projection.
Only interested in buying deep 1765-1800
If it doesnt do there and wave 5 has started - then might sit this one out as wave 5 may not be that amazing!
Having said that - Gold has a tendency to overshoot!
I think these next week or two will pay out this move, push up to test the trend line around 1970ish, then if a bearish candle close 4h,6h,12h or daily on or below the trend line would (for me) put pressure on price downwards. This kind of makes sense with dollar potentially strengthening and 30y usbonds looking to boost.
Any bullish momentum above 1975 will...
Overall longer term is BULLISH - short term bearish
The nature of these trades - i am taking a small lot size and trying to find the demand supply zones for entries. May not activate as gold is ranging right now, and not trending on anything less than 4h timeframe
Always use a stoploss - max 2-3% risk
Another word of advice - be patient for your entries- I...
OK, I'll start off with a disclaimer. I am not an expert on EW theory - this is my first(ish) attempt
If you see anything wrong with my counts, then please comment below.
NOT A TRADING SIGNAL - ONLY LEARNING
Ok, usually my charts are a lot cleaner than this and before i post a trade idea, this is the process i usually go for. I look for confluences (as many as possible) and then go and take my trade. It's not always possible to have many confluences. So let me explain this idea for you#
1. Looking at 50%-61.8% retracement from Gold plummeting from 2050...
HUGE potential here
I'm already in a small short position (No SL)
-Will add a larger position if price reaches my target price range (1960-1970) with a stop loss of around 20pips
Not trading advice or signal - idea only
Anticipating a H&S formation off the supply zone 136.2
You could take this trade earlier near the sell zone - but looking at the 4h candle shows some bullish reaction and may suffer some drawdown. GJ moves quick.
My strategy would be to enter 0.5% on the Sell Zone and 2% on the Supply area marked up. SL above previous high
Moving stops to break-even once the...
NOT TRADING THIS MOVE!
I think once more leg and drop it like it HOT. Every indicator is exhausted. This is a wave 5 bubble and when it pops, don't get burnt!
Where it goes up to is anyone guess now - the yellow lines mark some daily candle resistances - but really this is nothing significant. - It's in the hands of the big banks now to wheel the retail traders...