XAU/USD - Bearish Bat (Continuation)

Following up from my prediction over 2 months ago with XAU/USD which resulted in a move from $1249 to $1198 (chart shown below), I'm now looking to get back in to continue the move lower.

Price has hit in between the 50% and 61.8% retracement, exactly where the D point of the bearish bat pattern has formed.

The measurements for a valid bat pattern are detailed below.
B: 0.382 - 0.50
C: 0.382 - 0.886
D: 1.618 - 2.618
Final X to D: 0.886

Taking into consideration one of my other charts (shown below) indicating a potential lower low in the market, price has now hit the daily trendline at $1233 right on the D point of the bearish bat pattern.

All round this is an excellent trading opportunity with over 1:4 risk to reward.

Dagangan aktif:

Price broke the trendline (chart shown below) and has now retraced before continuing the move lower.

I'll be going short from this level.

Pesanan dibatalkan:

Unexpected volume in the market, small loss onto the next one :)