Bullish Cypher Pattern on GOLD! XAUUSD Bounce?
Updated
I am seeing a Bullish Cypher pattern completion on the Gold Daily chart. I published an idea yesterday regarding Gold & Silver and said that I was expecting a bounce, I will link that idea as related at the bottom. I believe this may be a good short term trading opportunity. I have two totally different Strategies telling me to buy and the targets for both of those strategies are almost identical. As we know anything can happen in the Market therefore we need to manage risk on all of our trades. We are still in a weekly downtrend and the Daily sellers are looking strong however I do think these two strategies will play out nicely. If this Cypher pattern is successful and both of our targets are hit, then I believe we will be faced with some more downside. We have a bigger Cypher pattern shown on Gold as well with completion being around the 1150.00 level (shown on chart below).
Even though the sellers are strong and we are in a weekly downtrend, nothing goes straight down! I was warning a few weeks ago that I was getting a little cautious with gold and silver due to the fact that nothing goes straight up and we were due for a pull back, that trading plan and strategy was successful and we were able to capitalize on this recent down move (Link to idea below) Now I am seeing a short term scalping trade on the long side. please check out my idea linked below called "Bounce Coming in Gold and Silver" as this will give you a much better idea of how I will be managing my trade along with all my reasons for entry. Thanks everyone and good luck trading!
Even though the sellers are strong and we are in a weekly downtrend, nothing goes straight down! I was warning a few weeks ago that I was getting a little cautious with gold and silver due to the fact that nothing goes straight up and we were due for a pull back, that trading plan and strategy was successful and we were able to capitalize on this recent down move (Link to idea below) Now I am seeing a short term scalping trade on the long side. please check out my idea linked below called "Bounce Coming in Gold and Silver" as this will give you a much better idea of how I will be managing my trade along with all my reasons for entry. Thanks everyone and good luck trading!
Trade closed: target reached
Hey Everyone, Targets have been reached on XAUUSD! another successful trade on Gold! Now that we have reached our targets, I will be watching for the Larger daily Cypher Pattern (shown on the chart above in pink) Completion near the $1150's price level. I am still short term bearish on the metals. I will not change my outlook to bullish until the weekly chart shows signs of trend reversal as the weekly trend is still down.. Thanks everyone and good luck trading! feel free to leave any questions you may have and be sure to check back for the Cypher Pattern tutorial on Wednesday March 22nd. Trade closed: target reached
Another great gold trade! More to come!
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