Gold broke the 1330 support on the 4th attempt, i believe it will now retest 1310 area also as the 4th attempt....GOLD IS BULLISH in 5th wave so a rare opportunity to buy ...perfect place to buy is 1296...as another support level and crucially the trendline support level in the 5th wave........
Trade active
Support at 1310 seems to have held.....small entry as not ruling out possibility of the move down to 1296Note
I've closed my position (very small profit)...chart shows we may have a bullish crab pattern.....so a better entry level at 1305......also chart not showing a conventional bottoming formation...so caution...if price goes up instead then I will buy on a pullback....
Trade active
Please excuse all the lines on chart...Crab has completed at point D...so I just longed at 1305...SL is under 1296 as there is support there......TP 1375....
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I closed at 1310 ...made a few pips. from this pattern...reason is we hit the 1310 resistance...this was support so now price may need to goto 1296.....im not convinced we have seen a bottoming formation yetNote
GOLD IS LOVING THE CRAB TODAY...ANOTHER ONE...buy at point D...1300.....
Trade active
Im long at 1322..I was going to buy b4 the NFP but was too busy watching oil.....TP 1375...I may add to this position later...busy day!!!
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Added another long at 1316.00....Trade closed manually
Long poisitions closed...with small profit and break even, due to price action......its a one hit wonder, you can see other patterns like this in the downtrend.....there will be better opportunities to long in the coming weeks, I think price won't take off now until we hit trendily.... but I will enter around 1296-1300 either way...
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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.