Gold buy Setup

XAUUSD had been on a bullish trajectory for a while on the weekly timescale. It is currently now in a retracement. Using Elliot's wave correction as a template, we can anticipate the nature of the pullbacks, and where we might profit.
My current target is discount at 1920 about 930pips.
If we break the recent low, I would be looking for a 1h demand zone retest.

*As always, trade cautiously.

Note

hmmm

Trade active

I would be anticipating something like this on the 4H:

Trade active

I don't like the way this is looking. I have set my SL to BE. Price ought have broken the high already. So there is a possibility for a break of the low before we see bullish momentum.

Trade closed manually

I am out. The moment price broke that low, the pattern changed. Would look for a better entry or watch price reaction at the 1.618.

Note

Trade active

There might be another opportunity for entry.

Note

I am closing this trade.

Note

my expectations for this new week:

Note

4h is looking bullish. I would be looking for buy setups now.

Note

Trade active

We are almost at TP! what a ride!

Trade active

I took 90% profit of the trade at 1912. If there is a clear opportunity to buy to TP, I would add another position.

Trade closed: target reached

Sweet!!! 😍😍

SwingingPrime

Also on:

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.

SwingingPrime

Also on: