XAUUSD - ABCD Pattern

By lyl89
Updated
How to trade the ABCD pattern

This is an example of a bullish ABCD pattern.

Ideally, Point C should be Fibonacci retracement between 61.8% to 78.6% of the A-B leg.

Point D should be a Fibonacci extension between 127% to 161.8% of the B-C leg.

Stop loss should be below D or previous low.

Take profit can be at the 38.2% and 61.8% Fibonacci retracement of the C-D leg.
Trade closed: target reached
TP1 hit.
Trade closed manually
Those who are still holding on to TP2 do manage your trade, I have decided not to wait and closed the trade.
Comment
Congrats for those who held on to TP2.
Weaker USD has impacted Gold positively.
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