It's time to buy GOLD long term
Updated
Hallo traders,
This is my first published idea and I am learning now how to publish here. I will update frequently it with additional info.
Technicals:
According to my EW count we are at the end of the Expanding flat (example on the chart) correction started 9 months ago. This could lead to powerfull bull run with targets 1425-1430 and 15010-1515 which should represent wave 3 in our bull trend.
The first buy window is 1140-1160 $ with targets 1.236 FIB on BC which is 1428 and 1.618 FIB on BC - 1514. This window is supported by multi year trend line.
The second buy window is 1095-1085 $ with targets 1.236 FIB on BC which is 1444 and 1.618 FIB on BC - 1550.
The second window also completes the bat pattern.
Invalidation daily close below 1080.
Fundamentals: We are heading FOMC on 14/12/16. No hike could trigger buying in the first buy window and 0.25 BP hike could lead us to the second buy zone at 1088. Another thing to consider is we had a good NFP with almost no reaction to it. For me this is bullish.
Trade this idea on your own risk.
This is my first published idea and I am learning now how to publish here. I will update frequently it with additional info.
Technicals:
According to my EW count we are at the end of the Expanding flat (example on the chart) correction started 9 months ago. This could lead to powerfull bull run with targets 1425-1430 and 15010-1515 which should represent wave 3 in our bull trend.
The first buy window is 1140-1160 $ with targets 1.236 FIB on BC which is 1428 and 1.618 FIB on BC - 1514. This window is supported by multi year trend line.
The second buy window is 1095-1085 $ with targets 1.236 FIB on BC which is 1444 and 1.618 FIB on BC - 1550.
The second window also completes the bat pattern.
Invalidation daily close below 1080.
Fundamentals: We are heading FOMC on 14/12/16. No hike could trigger buying in the first buy window and 0.25 BP hike could lead us to the second buy zone at 1088. Another thing to consider is we had a good NFP with almost no reaction to it. For me this is bullish.
Trade this idea on your own risk.
Comment
The big picture Comment
Trade active
Added 1155Trade active
Added long 1136 SL 1132Trade closed manually
Waiting for better entryTrade active
Long 1127 SL 1124Comment
Targets for now are 1444, 1530 and 1696 Comment
Positions hedged @ 1128.5 I think we have one more leg down. Buy limits on 1117 and 1092
Comment
Buy from 1155 closed at 1158. Buy from 1127 still running. We have more complex wave 4 before the last wave 5 which could give us a double bottom or lower low. Comment
Positions Hedged @ 1163. Bullish Shark emerging. The shark should complete the 5th and final wave down.
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