Butterfly on Gold
What you see here is a almost perfectly formed butterfly harmonic in play.
The short trade between $1980 - $1990 is based on the confluences:
- Untapped weekly level
- Untapped POC level (naked point of control)
- 0.5 (swing high to swing low)
- Harmonic retracements: 2.0 (B-C), 1.272 (X-A)
I recommend taking 3 compound trades on the PRZ instead of 1 order.
Stoploss above all the confluence at ~ $2000.
The short trade between $1980 - $1990 is based on the confluences:
- Untapped weekly level
- Untapped POC level (naked point of control)
- 0.5 (swing high to swing low)
- Harmonic retracements: 2.0 (B-C), 1.272 (X-A)
I recommend taking 3 compound trades on the PRZ instead of 1 order.
Stoploss above all the confluence at ~ $2000.
Order cancelled
Entry missed.Trade active
Trade closed: stop reached
Stop hitted by few dollars. Next time the stoploss should be higher.
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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.
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.