XAUUSD ANALYSIS
XAUUSD ANALYSIS
It seems we are in the final stages of a triangle on the Minuette period, within a wave 3 Minute period within a wave 3 in the Minor period ???
As Gold has it's own very volatile personality, we can always expect huge moves (fibos) moving through the wave.
I've currently got a position open since 21st July 2016 which I will close if it reaches
a) My SL which has been moved up to 1295.00
or
b) My TP which I've moved down to 1390.00 (unless I get more confirmation of larger up moves.
Gold is still within the uptrend channel, so lets see how things progress as there are some selling indicators here, but only on the lower periods, back down to wave (b) as indicated on the Minuette period. If it breaks 1300 (short), then it will have broken the current uptrend. I don't forsee this, at least in my analysis, but just incase I've put my stop at 1295.00. If it reaches 1300 then continues up, it will have confirmed the wave count.
It seems we are in the final stages of a triangle on the Minuette period, within a wave 3 Minute period within a wave 3 in the Minor period ???
As Gold has it's own very volatile personality, we can always expect huge moves (fibos) moving through the wave.
I've currently got a position open since 21st July 2016 which I will close if it reaches
a) My SL which has been moved up to 1295.00
or
b) My TP which I've moved down to 1390.00 (unless I get more confirmation of larger up moves.
Gold is still within the uptrend channel, so lets see how things progress as there are some selling indicators here, but only on the lower periods, back down to wave (b) as indicated on the Minuette period. If it breaks 1300 (short), then it will have broken the current uptrend. I don't forsee this, at least in my analysis, but just incase I've put my stop at 1295.00. If it reaches 1300 then continues up, it will have confirmed the wave count.
Note
This trade is going great, it has been open for a long time now, more than 2 months, but still in profit. As the price action has now broken a trend line, I expect the first target to be hit. See my previous chart in 21st July 2016 for details.I've now moved my SL up to 1347.00 and my TP is now at 1400 square.
If my SL is hit, it will be in profit so a well earned profit on this trade. :D
Trade closed: stop reached
SL hit, but in profit, thank you very much XAUUSD :DWill be setting up a new entry on this shortly and will trade a break out.
New chart will be posted shortly. Have a great day !
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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.