Short

Updated

Gold SHORT - Elliot wave

Been calling this short for a little while now. I believe it will break below, otherwise it will continue it's diagonal pattern. I am leaning towards the fall though.
We have to also remember that we've broken below the 4 hour H&S neckline, came back up to test it and fell again.

Look at the 4hour and daily price action. Follow the trend here guys.

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Obvious spot that bulls have been waiting for.
Double bottom, on the bottom of the diagonal wedge trendline.
Buy orders flowing in. Institutional traders getting in on the opposite side of the trades.
Still valid to be a part of the downtrend continuation.
Drop.

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Simple view of price action. Downtrending.

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I'm for the belief that this is a fake "reversal signal".

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To get even more buyers in. However i still believe that the trend is true and that price will make it's way down.

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Please LIKE and Follow me if you enjoyed the analysis. :) Appreciate it fellow traders!

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Just to add. If price does reject off the bottom of this trendline then we are looking at a continuation of the Diagonal Pattern and we will play off that.
This final C leg correction down will be either a diagonal/triangle or a 5 wave impulsive move below.
We will see what is created through Price Action.

I'm looking to head to bed very soon so in the case that i won't update, i wish everyone success. Remember the name of the game is to minimise your risk as much as possible. After a series of low/minimal risk trades, you will run into some big winners in which we want to let it RUN and maximise our returns (profit %) and minimise our losses (Loss%) with the difference being a POSITIVE NET PROFIT %.
Focus and look after your risk and the rest will come. You want to be able to survive in this game, to prolong your trading experience and grow to be your best self. To gain the experience that's required to trade successfully.

Have a BEAUTIFUL day friends :D

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Looking for this set up to paint out before a further drop.

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Sorry this is the new chart ^^

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Will be going to sleep now everyone. Have a GREAT night all!! :)

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2 different areas for this diagonal.

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Ok 100% going to bed now. Goodnight :)

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1 or the other with the yellow highlights

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One good possibility^

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5min with tap off the opposite side of the trendline

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I have arranged the wedge to fit this pattern/shape. If and once price moves down
lower i will move my stop just above the E point incase price reverses on me. The pattern also looks similar to a bullish flag which equates to a price continuation to the upside. I am still putting my belief on the bigger trend. If i am stopped out but see another entry opportunity emerge, i will enter. If this bullish flag continuation pattern was strong enough to give me conviction of a buy on the bigger picture then i will do that too. For now, The (immediate) Trend is your friend.

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2 spots. Probably this one

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Looking for some breaks below and movement to the downside to give me more indication

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Looking for cand;e to close below this triangle followed by some bearish candles

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Something like this too..

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Trend continuation and for NFP to push the trend down even more in my opinion.

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Looking for that further continuation. Holding my short!!

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Small position, tight stop loss. Worth an opportunity, i like it. High reward:risk. However low probability of trade remaining active.

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NFP

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ABC correction i believe. Trying to time a pinpoint entry on the previous photo

hyryda

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hyryda