Gold swing long by breaking 2000$
Updated
With the break of the local top at 2000$ resistance (which can be considered a support now) we can consider a swing long. Although we are going long near a resistance area but different Elliott wave counting scenarios lead to the same short term upward movement.
We consider today's daily candle's high as entry and low as the stop loss. The 61.8% of the previous wave is considered as the take profit target.
If today's daily candle closes red the trade idea is cancelled.
Entry: stop market at 2019$
Stop loss: daily close below 2000$
Take profit: stop market at 2050$
1.6 RR
We consider today's daily candle's high as entry and low as the stop loss. The 61.8% of the previous wave is considered as the take profit target.
If today's daily candle closes red the trade idea is cancelled.
Entry: stop market at 2019$
Stop loss: daily close below 2000$
Take profit: stop market at 2050$
1.6 RR
Note
Good follow up. We can move up the stop loss to have a risk free position.
Trade closed: target reached
nfa & dyor
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