I am watching the PRZ of these two patterns closely for a chance to short gold. I will be waiting for some confirmation via price action before entering because gold may still have more room to run before a bigger correction. The risk:reward in this zone is enticing, however, so I believe it may be worth a shot if I see a bearish candle on the lower time frame. My initial targets are given on the chart. As per my recent strategy, I will move my stops to breakeven/cover costs once I am up some pips with the plan to re-enter higher upon the next small bearish impulse as long as the patterns are still valid.
Note that this chart is 10 minutes delayed. Current gold price is 1262 after making a high at 1262.6 thus far.
If you have any comments or feedback on this idea, or your own view of gold, please share!
Note that this chart is 10 minutes delayed. Current gold price is 1262 after making a high at 1262.6 thus far.
If you have any comments or feedback on this idea, or your own view of gold, please share!
Note
Delayed 10 minutes but it's the same look still...patience is a virtue
Trade active
Missed the entry yesterday but not today! Shorted the bat pattern @ 1263...already a little drop!
Note
Nice drop. Up as much as 49 pips on the contract (contract chart is delayed so using XAUUSD), moving stops to 1262.9 to cover costs
Trade closed: target reached
Both targets have been hit. I have taken the profit and will look to get back in the game on a new bearish pattern
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.