Short

Updated

Potential Correction in the works - GOLD

Yes i see that we are in an uptrend and still have AT LEAST some room above to go, however it appears that the breakout to a new high has failed. Broken some smaller uptrends, looking to begin a POSSIBLE correction. Looking to see the waves and follow through from the bears to continue selling. I want price to break the MAJOR UPTREND lines to further confirm this potential correction.

Note

3 waves up. Price came back test the high, failed to breakout. Looking to see how the market reacts from here.

Note

right side: Want to see price break below this low and continue falling.

Note

Left side: 3 hours and 30 minutes left for this next candle to close. Looking for a good/strong bearish candle closing on its low.

Note

Otherwise if not enough bears are coming in to short/sell off their positions then we may see price hold and continue on its uptrend.

Note

right side: New waves formed.

Note

Please see left side to see what i mean by this potential move (drew in the ABC corrective pattern - keep in mind that they can end wherever the market takes it)

Follow through kicking in. Looking for break and further moves.

Note

Could see something like this:

Note

For the Alternative, a continued uptrend, this below may be possible. That we came down for a minor correction before further moves up. Want to see price break above this "B" point a move skewed towards an uptrend resumption.

Note

right side ^^

Note

8 hour candle switched from bearish to bullish with 1 hour 21 min to go. . Still time left on this candle however so don't discount it yet. We could also see price double tap the trend line before it continues down.

Uptrend becoming more probabilistic at the moment with the reversal down PROBABLY being minor.
However, we still have not broken up the previous lower high shown/indicated as the "B" wave. Both scenarios still on the cards.
Waiting for price to show more of it's move will increase your probability of winning.

Note

If you're holding gold, it's a good idea to lock in profits with your stop at the major higher low.
Look for more opportunities. I just posted up a GBPJPY trade opportunity/setup plays.
I may look into AUDUSD for a short too.
Don't be too stuck up on 1 trade. Remember, it's not about wanting to WIN on THE 1 BIG setup. Too many trading errors, fear and emotions will get tied up.
Look at it like a casino, there's an ABUNDANCE of opportunities and markets to trade.
Trade Small, with risk management, over a series of trades and BECOME the casino.
Play like a professional, DO NOT GAMBLE on RED OR BLACK.

Note

I'm going to sleep friends. Look for follow through, look for price to break below that trendline if you must. Looks like a decent short if bears enter.
The more candles are printed, the more probable your trade. You decide, but ensure you place your risk management protocols and don't put too much weight on any one trade. Goodnight friends.

Note

Indecision, Trading Range. Market looking to pick a side, unsure. Making lower highs as market creeps down to lower levels.
Potential for downside moves.

Note

Breaking Down

hyryda

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.

hyryda