XAUUSD, 4hr tf, selling pressure is stll here
Hello my friends,
I got into 1 more position during 30 October.
I tried analyzing XAUUSD with elliott waves and found a nice setup on XAUUSD.
Price now just completed wave-4 and we could see price rotate lower once again.
We could set our SL at wave-1 area as invalidation level because wave-4 could never touch wave-1 area according to the rules.
I took sell position at 1887 as there is also where the 50% fibonacci retacement level of wave-3.
Sell XAUUSD 1887
Stop loss 1895
Take profit 1855
RR ratio 1 : 4 (4R)
Use only 1-2% risk
Good luck
I got into 1 more position during 30 October.
I tried analyzing XAUUSD with elliott waves and found a nice setup on XAUUSD.
Price now just completed wave-4 and we could see price rotate lower once again.
We could set our SL at wave-1 area as invalidation level because wave-4 could never touch wave-1 area according to the rules.
I took sell position at 1887 as there is also where the 50% fibonacci retacement level of wave-3.
Sell XAUUSD 1887
Stop loss 1895
Take profit 1855
RR ratio 1 : 4 (4R)
Use only 1-2% risk
Good luck