GOLD: Resetting The Rocket For Another Blast Later
Anatomy Of A Failed Trade
In my last post on Gold, I made a really bad call in that I was very premature on calling for a retrace. I ended up losing hundreds of pips on that call. But as is my way of doing things, whenever I lose a trade, I go back to scratch and re-analyze the whole thing and see what I missed and what I did wrong. It's a hell of a lot of effort to do that but it's the only way to clear your mind and see things from a different perspective. So let's do that here and maybe you can also benefit from my re-analysis.
First, I'll explain what you are seeing in the main chart above. This is a 15M chart and for those of you who follow me, you know that I rarely go below a 1HR chart. But it was necessary in this case so as to be able to see clearly the reversal pattern that took place. It was a confirmed H&S pattern. You can see how the patterns defined this H&S pattern. I entered and my subscribers entered short @1294.15. So far it has already moved +137 pips. from our entry.
WEEKLY CHART
In this weekly chart, fairly obvious that Gold is in a correction of that long down trend down. That means that this initial corrective wave should be the wave (A) of a 3-wave correction and that this initial wave up should either be 3-waves or 5-waves. But regardless 3 or 5 waves, that area where I circled in purple is easily recognized as just consolidation within this initial wave up and that I should've recognized that there would be another move up from there. I didn't check back on this weekly chart before I had decide to sell and it cost me.
DAILY CHART
Here I marked where I sold before and just as I did, it blasted off to the upside. What I failed to do before I took the SHORT trade was to go back to the higher TF in the Daily chart and recount the waves. Had I done so, I would not have been so hasty in taking a SHORT trade against such a strong trend that OBVIOUSLY was not over.
4HR CHART
Then I also failed to notice this POTENTIAL crab pattern that is now completed. Had I picked up on it, then I also would not have been so quick to have SHORTED Gold when I did. But now that prices have completed that crab, now is the correct time to look for topping formations.
In my earlier post on Gold when I took a SHORT position, I also had mis-identified the ending expanding diagonal which I am showing here. In that post, I had ended this EED too soon. Here, I think I now have it correct.
1HR CHART
So now that brings me to this 1HR chart where you see the breakdown of the subwaves of the wave 5 of (5) that I have marked. You can see a clear 5-wave move up that is probably now completed. This I am now seeing as the completed wave (5) of the overall uptrend from the Daily Chart.
Want more charts, trades, analysis and updates like this? Subscribe here: goo.gl/TJggoR
In my last post on Gold, I made a really bad call in that I was very premature on calling for a retrace. I ended up losing hundreds of pips on that call. But as is my way of doing things, whenever I lose a trade, I go back to scratch and re-analyze the whole thing and see what I missed and what I did wrong. It's a hell of a lot of effort to do that but it's the only way to clear your mind and see things from a different perspective. So let's do that here and maybe you can also benefit from my re-analysis.
First, I'll explain what you are seeing in the main chart above. This is a 15M chart and for those of you who follow me, you know that I rarely go below a 1HR chart. But it was necessary in this case so as to be able to see clearly the reversal pattern that took place. It was a confirmed H&S pattern. You can see how the patterns defined this H&S pattern. I entered and my subscribers entered short @1294.15. So far it has already moved +137 pips. from our entry.
WEEKLY CHART
In this weekly chart, fairly obvious that Gold is in a correction of that long down trend down. That means that this initial corrective wave should be the wave (A) of a 3-wave correction and that this initial wave up should either be 3-waves or 5-waves. But regardless 3 or 5 waves, that area where I circled in purple is easily recognized as just consolidation within this initial wave up and that I should've recognized that there would be another move up from there. I didn't check back on this weekly chart before I had decide to sell and it cost me.
DAILY CHART
Here I marked where I sold before and just as I did, it blasted off to the upside. What I failed to do before I took the SHORT trade was to go back to the higher TF in the Daily chart and recount the waves. Had I done so, I would not have been so hasty in taking a SHORT trade against such a strong trend that OBVIOUSLY was not over.
4HR CHART
Then I also failed to notice this POTENTIAL crab pattern that is now completed. Had I picked up on it, then I also would not have been so quick to have SHORTED Gold when I did. But now that prices have completed that crab, now is the correct time to look for topping formations.
In my earlier post on Gold when I took a SHORT position, I also had mis-identified the ending expanding diagonal which I am showing here. In that post, I had ended this EED too soon. Here, I think I now have it correct.
1HR CHART
So now that brings me to this 1HR chart where you see the breakdown of the subwaves of the wave 5 of (5) that I have marked. You can see a clear 5-wave move up that is probably now completed. This I am now seeing as the completed wave (5) of the overall uptrend from the Daily Chart.
Want more charts, trades, analysis and updates like this? Subscribe here: goo.gl/TJggoR
SPECIAL Report on the S&P 500. Read it here. It's FREE: bit.ly/2KGJ409spx818
Mailing list: bit.ly/2iNieEY
Facebook Group: www.facebook.com/efxselect
Twitter: @andrewefxselect
Website: www.efxselect.com
Mailing list: bit.ly/2iNieEY
Facebook Group: www.facebook.com/efxselect
Twitter: @andrewefxselect
Website: www.efxselect.com
Please keep in mind that I am not giving any trading signals or trade calls here. Only providing my own trade thoughts for your benefit and insight as to my trading technique and style. Please don't ask if you should or should not take the trade or ask for stop loss and take profit levels. Any SL or TP given on my trades are my own I have used for my trade and are not recommendations for you to use. If you are not sure, then you do not have a trading plan for yourself in place. I suggest you make one before you continue to do any trading!
If you like my posts and find them helpful, please take a second to hit that LIKE button and follow me so I can know my post was helpful to you. As always, any CONSTRUCTIVE comments are welcome whether AGREE or DISAGREE.
If you desire to receive ALL my analysis on pairs I trade and cover as well as REAL-TIME trade signals, consider joining my private group and my members. You'll get REAL-TIME trade signals and analysis as the trade happens and discussions those trades live. Interested? Go to efxselect.com to subscribe and get these signals in REAL-TIME!
Faceb00k: goo.gl/Mb81w7
Website: www.efxselect.com to subscribe