Gold Chart is pretty straight forward but there is a couple potential scenarios on W1, Either we are at the bottom of wave C down for a contracting flat and its upside from here or Wave C is incomplete and we get a Z down on D1. I have the 2nd scenario on the chart as there is no confirmation D1 wave C is over!
1) D1 we have 3 down with no bull Divergence
This does not mean we should not try the long just in case the 1st scenario plays out, at worst it will be small hit or break even trade.
This is a longer term view so I will be updating this idea as price plays out on lower TF's with potential setups, if you wish to get notifications of updates it might pay to follow me.If you like my analysis, hit the thumbs up so others get the chance to see this potential setup.
If you have any questions about my analysis, leave a comment. If you have a different or similar idea share your idea and lets discuss it.
1) D1 we have 3 down with no bull Divergence
This does not mean we should not try the long just in case the 1st scenario plays out, at worst it will be small hit or break even trade.
This is a longer term view so I will be updating this idea as price plays out on lower TF's with potential setups, if you wish to get notifications of updates it might pay to follow me.If you like my analysis, hit the thumbs up so others get the chance to see this potential setup.
If you have any questions about my analysis, leave a comment. If you have a different or similar idea share your idea and lets discuss it.
Note
H4 Tl break and bullish flag, break of flag can be taken on H1 for experienced traders Note
H1 , be patient and wait for solid candle TL break Note
longs should be at BE
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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.