XU W Sell Reversal OR Sell to Buy Idea 5/4/24
Updated
Sell Reversal
Looing for Gold to come back and break Aprils Low at around 2228.59 & the 50% FIB area of the current W bullish swing at around 2202.35. If these areas are broken, I would look for a H&S (Head and Shoulders) to form for a bearish continuation/reversal of the current trend.
TP1 around 1931.77 current swing low | TP2: around 1810.50 swing low | TP3 around 1616.71 final low of this current bullish swing
OR
Sell to Buy
Because price on the weekly has completed an impulse and recently reversed for the correction to start, price could actually just pull back to the 38.2% weekly FIB area around 2256.44 and then just continue bullish to at least the -27% FIB area around 2555.32 for a final TP of this idea.
**This is for educational purposes only and this is not financial advice because I am not a financial advisor.**
Looing for Gold to come back and break Aprils Low at around 2228.59 & the 50% FIB area of the current W bullish swing at around 2202.35. If these areas are broken, I would look for a H&S (Head and Shoulders) to form for a bearish continuation/reversal of the current trend.
TP1 around 1931.77 current swing low | TP2: around 1810.50 swing low | TP3 around 1616.71 final low of this current bullish swing
OR
Sell to Buy
Because price on the weekly has completed an impulse and recently reversed for the correction to start, price could actually just pull back to the 38.2% weekly FIB area around 2256.44 and then just continue bullish to at least the -27% FIB area around 2555.32 for a final TP of this idea.
**This is for educational purposes only and this is not financial advice because I am not a financial advisor.**
Trade active
Price did not sell to the 38.2% area of the FIB and has decided to continue bullish. Still looking for price to head to the -27% FIB area around 2555.32 for final TP. Currently in a buy with TP actually set for the -27%, while looking for another pullback on the daily to get another entry. Trade active
1:36.3RR completed Trade closed: target reached
Price consolidated and then continued bullish. None of my bars played out the way I thought it would, BUT price did go bullish in its own way.
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.