Bitcoin and Gold

Just notice that since after G20(Sep 4-5,2016), Bitcoin are moving strongly on the contary to Gold trend.
Now Bitcoin is facing retracement, will gold bounce up?
Take care of $1200-1205 resistance.

Trade active

Cross channel supported.
Entry: 1129
Tg1: 1143
Tg2: 1180
Tg3: 1200

Note

1st Tg 1143 hit
middle term tg:1204, but take care for short term resistance:$1157, if break out $1150

Note

broke out 1157, heading to my 2nd tg:1180

Note

Update the wave count

Note

Likely will bounce, take care 1156-1157resistance, if it holds, will retrace deep, tg:1141; once break out 1158, continue to go north

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To scrutinise individual foreign exchange would probably limit alternative investment opportunities for Chinese citizen, some may buy gold to hedge the devaluation of paper money.

Note

my long term view for gold
tp1:1204
Tp2:1280
Tp3:1530

Note

go,go,go...$1179 hit, approaching 2nd tg $1180
May consider of profit taking now
tradingview.com/chart/DliMg9C0/

Note

So far, i cannot make sure if A wave has compeleted by "abc" or will go to "e". Next week watch 1166-1167. If supported, will be possible to test 1200 for "e" wave; once broke 1165, will retrace deeper 1150 or even to 1137 for B wave.

Note

Updated chart in 4H. It's a general view of the trending.
once broke out 1186, then go for E wave,tg: 1200
(A) will be completed by A-E, from 1122 to 1205ish
After that will retrace for (B) wave. tg:1140-1150(to be confirmed)

Note

Update daily chart for next tg:$1200, hit $1198-1199 exit

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Long entry at 1178.7, it's a bounce in short term, but if the AB=CD pattern available, possible will be reverse. tg: 1184 in short term, once broke 1188 will possible to touch 1200

Note

Approaching TP3$1200, I took profits for long positions at 1198, as plan.
If 1200 is the ending of wave A, then, 1160 is only 50% fibo retrace level. can be 1152 for 61.8% level, or 1140 for 0.786 level.
Should be aware of the three things:
1) So far I cannot tell if $1200 is the top for Wave A, even when i took profits at 1198;
2) Once $1200 was confirmed as the top, i still cannot make sure how deep it will retrace(fibo 50% or 61.8% or 78.6%?);
3) Don't be supprised once it it break out $1122.
We need to cfm step by step

Trade closed: target reached

faylee

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faylee

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