XAUUSD 3/9/2024 Downtrend is over?
Looking at H1 we see that the price has reached the target of wave 4 that we expected and then decreased near TP3. Once again I would like to congratulate all of us on continuing to have a big win near Full TP3.
- So now the price is completing the down wave 5 to then continue to increase
- Looking at the overall correction, we can easily identify that this is a complex correction with many intertwined correction structures.
- In a complex correction trend, it is difficult for us to determine when the new trend starts. But with real trading, we only care about the setups that qualify for our trading, I will not try to predict each wave accurately
- Currently, I expect the target of wave 5 to end at the price zone of 2487 - 2484 and this is also our BUY target
- Above, I see 2 large supply concentration zones, which are the 2507 - 2510 zone, this zone is the target zone, the last time the price approached this zone, it was pushed down very quickly, and the 2525 - 2528 zone, looking at the chart, we see that the price was pushed down very deeply after approaching this zone last Friday. and these 2 zones are also our SELL target zones
BUY ZONE: 2487 - 2484
SL: 2477
TP1: 2499
TP2: 2507
TP3: 2518
BUY ZONE: 2471 - 2469
SL: 2461
TP1: 2485
TP2: 2499
TP3: 2510
SELL ZONE: 2507 - 2510
Sl: 2517
TP1: 2500
TP2: 2487
TP3: 2470
SELL ZONE: 2525 - 2528
SL: 2535
TP: 2518
TP2: 2510
TP3: 2500
Note
BUY ZONE: 2487 - 2484
SL: 2477
TP1: 2499
TP2: 2507
TP3: 2518
We have a profit of 170 Pips reaching TP1:
Note
Unfortunately price did not touch our entry 2471 - 2469, it's okay the trade is like that I will update more entries for us
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