GOLD DAILY TECHNICAL ANALYSIS (ELLIOT WAVE THEORY)
Updated
Hello traders, I hope you are all having a great day!
Today we are analysing
XAUUSD by using the Elliot Wave Analysis which is my preferred trading strategy.
Our zone in mind is at our 0.5 fibonacci level where we are considering a short as we appear to be in corrective wave 4 and we are expecting a reversal soon.
Why are we entering?
- We are in wave C of our corrective wave which is the final wave
- We are expecting a rejection from our 0.5 fibonacci level
What is our confirmation?
- Rejection from our 0.5 fibonacci level
- Break of ascending WFB (Watch For Break) trendline
- Break of our 8HR EMA
Entry
- Safe Entry: Rejection of our 0.5 fibonacci with a break of WFB / 8HR EMA
- Risk Entry: Rejection of our 0.5 fibonacci level
- Risk Entry 2: Early break of 8HR EMA / WFB (Watch For Break)
Once entered, where will our Stoploss be?
- Above our fibonacci: 1882 (60 pips)
Where do we take profits?
First TP - Structure level: 1730 (1450pips)
Second TP - Previous low: 1616 (2600pips)
Final TP - -0.27 fibonacci: 1570 (3060pips)
Be sure to follow me and check out my other ideas below!
Today we are analysing
XAUUSD by using the Elliot Wave Analysis which is my preferred trading strategy. Our zone in mind is at our 0.5 fibonacci level where we are considering a short as we appear to be in corrective wave 4 and we are expecting a reversal soon.
Why are we entering?
- We are in wave C of our corrective wave which is the final wave
- We are expecting a rejection from our 0.5 fibonacci level
What is our confirmation?
- Rejection from our 0.5 fibonacci level
- Break of ascending WFB (Watch For Break) trendline
- Break of our 8HR EMA
Entry
- Safe Entry: Rejection of our 0.5 fibonacci with a break of WFB / 8HR EMA
- Risk Entry: Rejection of our 0.5 fibonacci level
- Risk Entry 2: Early break of 8HR EMA / WFB (Watch For Break)
Once entered, where will our Stoploss be?
- Above our fibonacci: 1882 (60 pips)
Where do we take profits?
First TP - Structure level: 1730 (1450pips)
Second TP - Previous low: 1616 (2600pips)
Final TP - -0.27 fibonacci: 1570 (3060pips)
Be sure to follow me and check out my other ideas below!
Note
Expecting to see this go live soon!!!Trade active
Short triggered today. We are looking to secure 80% profit at 1864, move SL to BE and let 20% run! 🏃♂️Trade closed: stop reached
Stop reached at BE with profit secured at 90 pips. Check our profile out for our new reversal zone!
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