Following up from my prediction over 2 months ago with XAU/USD which resulted in a move from $1249 to $1198 (chart shown below), I'm now looking to get back in to continue the move lower.
Price has hit in between the 50% and 61.8% retracement, exactly where the D point of the bearish bat pattern has formed.
The measurements for a valid bat pattern are detailed below.
B: 0.382 - 0.50
C: 0.382 - 0.886
D: 1.618 - 2.618
Final X to D: 0.886
Taking into consideration one of my other charts (shown below) indicating a potential lower low in the market, price has now hit the daily trendline at $1233 right on the D point of the bearish bat pattern.
All round this is an excellent trading opportunity with over 1:4 risk to reward.
Price has hit in between the 50% and 61.8% retracement, exactly where the D point of the bearish bat pattern has formed.
The measurements for a valid bat pattern are detailed below.
B: 0.382 - 0.50
C: 0.382 - 0.886
D: 1.618 - 2.618
Final X to D: 0.886
Taking into consideration one of my other charts (shown below) indicating a potential lower low in the market, price has now hit the daily trendline at $1233 right on the D point of the bearish bat pattern.
All round this is an excellent trading opportunity with over 1:4 risk to reward.
Trade active
Price broke the trendline (chart shown below) and has now retraced before continuing the move lower.I'll be going short from this level.
Order cancelled
Unexpected volume in the market, small loss onto the next one :)
📈 Master the Art and Science of Trading: sixfigurecapital.com
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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.
📈 Master the Art and Science of Trading: sixfigurecapital.com
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.