Short

XAUUSD Short Trade Setup

Updated

Hello traders.

I hope this time is the starting of down impulse. I haven't put an entry order yet. I'm waiting for an up move as C wave inside of correction. Then I will place my order. Here is my medium-term forecast.

Note

I have put an entry order. Target is 1120.

Note

The correction might be over. There is also a chance for one more up move after the pull-back to the trendline as X wave because there is no divergence. 0.618 retracement can be good reversal point. I will take a short trade when it breaks the yellow trend line.

Trade active

I missed all short opportunities on Thursday and Friday because I wasn't in front of the computer. I hope you took the breakout trade, that I showed you in video analysis on Thursday. Anyway, I'm in the trade now.

Note

If you took the break-out trade like I showed in the analysis video on Thursday, move your stop-loss to breakeven and leave it alone. If you took the trade with entry order like me, just wait.

Note

I moved the stop-loss to breakeven because daily structure between yellow lines looks like a perfect long trade setup. I will take a long trade after breaking blue line in the 1H chart. If you took the trade from the top 1320 can be good stop-loss.

Note

Both directions are very possible, just leave it alone. My stop-loss at the breakeven. Please watch today's analysis video on Youtube for details. Because it would be very complex to explain by drawing.

Note

It came down to the trendline. Now it can bounce back or make a correction. I will take another short trade when I see a good trade setup. My target is still 1120.

Note

Wait for a flag to take another short trade. Don't sell it before correction because there is still a chance for one more up move.

WaveAnalysis

Also on:

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.