I'm waiting for breakout to take short trade, because I'm expexting a big down move in higher degree, so it will make a weekly regular flat corrective structure. As you can see there is a possibility for one more up side for bigger correction before it came down. I think taking the trade is good idea, but stoploss should be moved to breakeven when it breaks last bottom to avoid losing money.
If you think this is a valid forecast and good trade setup, please hit the like button. I appriciate that if you leave a comment and let me know what do you think about this idea.
Trade with care...
Komen
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It made a bigger corrective structure, but in my opinion it is still a corrective structure. So, I'm keep looking for short trade setups. I start to wait a correction after small drop in order to take short trade. In the mean time I have an entry order below previous bottom.
Dagangan aktif
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Komen
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It broke the previous bottom. Move stoploss to breakeven. If a down impulse is in the making, otherwise it can reverse.
Komen
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Typo in the previous comment.
It broke the previous bottom. Move stoploss to breakeven. If a down impulse is in the making it should go down, otherwise, it can reverse.
Komen
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I closed half of my trade. It reached my target and I'm looking for upside for the bigger correction. Just in case I decided to keep half of it because it can keep going down.
Komen
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The second half of the trade stopped out with break even. So, it was a nice trade and some profit. I'm looking for sort trade setups again.
Bounce at 1270ish rising support looks like most likely if we get a final bottoming before the next v bullish move up and away... Will be watching main markets (Bonds and Equities) and impact on DXY to time/price the trade as expect market correction will drag gold down with it a bit initially but not for long...
WaveAnalysis
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@peterhowitt, Up move is possible, and that up can break previous top and reach around 1400. But for now, I think completion of weekly regular flat corrective pattern should be cosidered as a most likely scenario.