XAUUSD 5/9/2024 Will the uptrend continue?
Looking at H1, we will see a complex correction in which the correction waves are intertwined, so I will move to the H4 time frame so that you can easily see the wave structure
- Looking at H4, we have a Flat ABC correction structure, the above process looking at the present, we see that the wave has completed wave B and the current process is completing wave C.
- The key to the problem is that we determine the end point of wave C to find a trading point.
- Case 1: the price reaches the 2472 area and then increases sharply until now, we expect a recovery wave to the 2472 - 2469 area, then this price area will be the price area of wave 2 in the new 5-wave increase structure and this is also our BUY target.
- Case 2: the price continues to break 2472 to complete wave C, then the first target I aim for is the length of wave C equal to the length of wave A, then we have the first target at the 2467 - 2464 area and this is also our second BUY target area.
- In the area above, I see the price area of 2515 - 2518 according to Volumeprofile, this area is the area where a large amount of supply was concentrated before, so when the price approaches this area, it needs to absorb all of this supply area before increasing further, so this price area continues to be our SELL target area.
Trading Plan
SELL ZONE: 2515 - 2518
SL: 2525
TP1: 2509
TP2: 2501
TP3: 2482
BUY ZONE: 2482 - 2479
SL: 2472
TP1: 2499
TP2: 2509
TP3: 2515
BUY ZONE: 2464 - 2467
SL: 2454
TP1: 2472
TP2: 2482
TP3: 2500
Note
Yesterday with SELL entry 2515 - 2518 SL 2525 we had profit 140 pips almost reached TP2. I congratulate all of us
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