Long Opportunity (150 pips/2 days)Gold may bounce back from 1282-1284, potentially reaching trendline at 1300 in 2 days. Reward/Risk ratio is > 5.0
Goldpattern
GOLD 240 Three Pattern tradesGreetings,
As you can see in the chart we have a nearly completed bat pattern(orange) and are currently waiting for a retrace to D for our entry. My expectation is that its profit target(B) should be forming the second pattern, namely the head and shoulder pattern.
Normally you would wait for the break of the neckline but the probability here is high enough in my oppinion to open the trade at B of our orange bat. Which even if it fails will still leave you in profit thanks to your winning trade(if both trades risk the same percentage). If it succeeds you have enjoyed a healthy risk - reward ratio trade.
If everything still goes according to plan we will be on our way to the highest probability trade, namely the blue bat pattern. The one thing that gave me the courage to post this is the intersection of the pitchforks trendline. Everything here seems to go hand in hand, these three patterns are all in "harmony".
Note that the trendline at 1182xx could be hit due to head and shoulders wanting to complete there.
I would love to hear your thoughts, additions, corrections or any other feedback!
Cheers :)
Gold Analysis : What's brewing in Gold ? Bullish or Bearish ???Hey Guys,
Early Bird View :
Though its very early to expect both Gartleys,Coming week FX:XAUUSD Gold has provided us with Dual-potential Gartleys .No matter whether market moves up or down if our plan allows us we will be taking positions depending on which Gartley gets to complete first.
If we are lucky enough, we will have Bullish Gartley completion around 1060's and ride the move up which gives us opportunity to enter Bearish Cypher - Only if Bullish Gartley pans out well for us.
Bearish Gartley is still possible who knows still market can prove that we are wrong and can move any direction as it wishes to.
Its not exact trade idea, just an analysis on scenario's for Gold next week and we can look for possible entries around those pattern completion regions.
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