Short

XAUUSD Trading strategy for complex corrections

Updated

Look at H1
- We see that currently the price is tending to form a triangle correction pattern.
- As I said before, the price is currently in a complicated adjustment process, we can only wait for the model to complete to determine the next trend.
- And I am also predicting an ABC correction model with the target wave C on the chart with 2 price ranges 2350 and 2365. However, currently we see that the price is in a position where it can form a triangle correction model and ABC correction pattern may continue. So at the present time we wait at the price of 2341.8 to confirm any model.
- If the price breaks 2341.8, the targets of wave C continue to be completed. Then we wait for the target levels of wave C, i.e. area 2350 or area 2365, to sell down.
- If the price cannot break the 2341.8 area, the price may form a triangle correction pattern abcde. Then we wait for the price to break the lower boundary of the triangle pattern to sell to the target area of wave 5.

In general, in a complex adjustment process, it is not feasible to conduct many transactions in this area, so we should patiently wait for the target areas. In this process we will prioritize Scalping

Note

Hopefully we can see that the price has broken through the upper boundary and the price cycle will complete the ABC correction wave

Note

+ 80 pips

Note

Price broke out of the triangle wedge this morning with a strong candle. So we are leaning towards the ABC correction model
- So for the price target of wave C, we will wait to find a SELL transaction point

DEEKOP

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