XAUUSD, 1hr timeframe, Elliott 5th wave for A of ABC
Hello my friends,
I am spending this Sunday for some analysis on XAUUSD. Gold moved with a crazy 2500 pips rally from the beginning of July until August 1st week.
Friday candle close finally showing sign of exhaustion of XAUUSD because it closed with a bearish engulfing candle along with a bearish divergence on the Daily timeframe.
I am taking a deeper look into 1hr chart to get more precise movement of XAUUSD and i found some interesting setup to trade. The downward movement of XAUUSD could be analyzed using Elliott Wave theory and we could see price just finished with the 4th wave. We could see some continuation to the downside by XAUUSD as 4th wave is already fnished at 38,2 fibonacci retracement.
The rule of 4th wave is it could never touches 1st wave so we will set our SL at the end of 1st wave.
For our TP, 5th wave usually around 78,6%-161,8% fibonacci retracement of 4th wave. Most of the time, I found it ended at 127,2 fibonacci of wave 4th.
Sell XAUUSD around 2035-37
Stop Loss @ 2052
Take profit 1 @2020
Take profit 2 @2010
Take profit 3 @2002
Diclaimer : I am going to sell XAUUSD from 2035 during Monday open
I am spending this Sunday for some analysis on XAUUSD. Gold moved with a crazy 2500 pips rally from the beginning of July until August 1st week.
Friday candle close finally showing sign of exhaustion of XAUUSD because it closed with a bearish engulfing candle along with a bearish divergence on the Daily timeframe.
I am taking a deeper look into 1hr chart to get more precise movement of XAUUSD and i found some interesting setup to trade. The downward movement of XAUUSD could be analyzed using Elliott Wave theory and we could see price just finished with the 4th wave. We could see some continuation to the downside by XAUUSD as 4th wave is already fnished at 38,2 fibonacci retracement.
The rule of 4th wave is it could never touches 1st wave so we will set our SL at the end of 1st wave.
For our TP, 5th wave usually around 78,6%-161,8% fibonacci retracement of 4th wave. Most of the time, I found it ended at 127,2 fibonacci of wave 4th.
Sell XAUUSD around 2035-37
Stop Loss @ 2052
Take profit 1 @2020
Take profit 2 @2010
Take profit 3 @2002
Diclaimer : I am going to sell XAUUSD from 2035 during Monday open
