GOLD SHORT
Why are we entering?
- We are expecting upcoming USD strength on the 10/8 13:30 GMT during CPI data release. Strong Dollar = Weak GOLD
- We are expecting to see a double top formation
- We are currently at the end of subwave 4 where we are expecting subwave 5 to form which is a impulsive wave down
What are we waiting for to happen?
- Rejection of structure level & Double top reversal pattern
- Break of upcoming WFB trendline (I will update in channel once we see clear ascending structure)
Entry
SAFE Entry: Rejection from our structure level & trendline with a break of our upcoming WFB
Risk Entry 1: Rejection from structure level & trendline
Risk Entry 2: Early break of our upcoming WFB
Once entered, where will our Stoploss be?
- Above the trendline, structure level & previous high(above 1799) 80 pips
Where do we take profits?
- First TP Previous low: 1680 (1100pips) - Secure most of your profit here as our final TP may not hit
- Second TP Expected reversal zone: 1660 (1300pips) - May not hit
Why are we entering?
- We are expecting upcoming USD strength on the 10/8 13:30 GMT during CPI data release. Strong Dollar = Weak GOLD
- We are expecting to see a double top formation
- We are currently at the end of subwave 4 where we are expecting subwave 5 to form which is a impulsive wave down
What are we waiting for to happen?
- Rejection of structure level & Double top reversal pattern
- Break of upcoming WFB trendline (I will update in channel once we see clear ascending structure)
Entry
SAFE Entry: Rejection from our structure level & trendline with a break of our upcoming WFB
Risk Entry 1: Rejection from structure level & trendline
Risk Entry 2: Early break of our upcoming WFB
Once entered, where will our Stoploss be?
- Above the trendline, structure level & previous high(above 1799) 80 pips
Where do we take profits?
- First TP Previous low: 1680 (1100pips) - Secure most of your profit here as our final TP may not hit
- Second TP Expected reversal zone: 1660 (1300pips) - May not hit
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Disclaimer
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Want more chart ups like this? Click the links below:
VIP Telegram: t.me/MMFX_VIPbot
FREE Telegram: t.me/MMFX_FREE
Instagram: instagram.com/mmfx__j/
VIP Telegram: t.me/MMFX_VIPbot
FREE Telegram: t.me/MMFX_FREE
Instagram: instagram.com/mmfx__j/
Related publications
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.