XAUUSD - AB=CD Move Part II - LONG

I have a long bias on this precious metal. I have open positions @ 1305 and 1315. If this breaks below 1330 this week (break of IB), it may go down to base at 1299 - 1302 as the last kiss goodbye and fly off from there.

Trade with care

Note

Been getting a lot of private messages whether to short Gold. The idea is not to short Gold from this AB=CD model (at the start of the C Leg). Just like any harmonic patterns, confirm entries at the completion of pattern.

Gold is in a tight squeeze at the moment as highlighted in the grey box of the chart. It is also in a bull flag pattern. Breaks out north, will be a great rally and I will add upon confirmation on lower TF. Breaks down south, will be a slow movement.

PS. Still holding on to my 1305 and 1315 long positions - from previous published chart

Note

Previous trade idea

Dont short in a bull market

Note

Good to hedge? Broke 1330

Note

Great to hedge my longs - Bought Gold @ 1316.78

Note

Whilst hedging my long to protect my investments - Below is the chart to illustrate my trading plan.

More interested on the long side.

Note

IF price moves above 1330 - Will move my SL (Short) @ b/e

Note

Rejected 1330 - Closed below imaginary uptrend line - Heading towards base @ 1300 is a possibility

Note

1316.78 Long position closed at b/e

Will update trading plan

Note

liquidated all my longs. Holding my shorts.

Note

Apologise to those who wanted to short, but have warned them against in doing so. Gold was in a triangle and a day of rally can be fast and swift. Since I have 3 long positions, I had to hedge to minimise losses. Now Gold has broken 1300 with a "Big Shadow", would be hard to recover from here. All in all, profits are intact and closing this trade now @ 1271.61

Trade closed manually

Note

Entries:
Short positions x 2 @ 1336.74 Closed at 1271.61 (1352 pips total)

Long position @ 1330 stopped out @ 1310 (-197 pips)
Long position @ 1315 stopped out @ 1310 (-49 pips)
Long position @ 1305 stopped out @ 1289 (-159 pips)

947 pips in profit

-Andrew-

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.

-Andrew-