Hi fellow traders,
On the 1H GOLD chart, I am applying Elliott Wave principles to outline a potential short setup.
Price is currently retracing within a corrective structure after the previous impulsive move down. The wave development suggests this is likely a continuation pattern, with a move lower expected once the correction completes.
Within my strategy, I look for entries in key reaction areas where multiple tools come together to provide confluence. The current region aligns with that idea, while the downside targets sit within the Blue Box, where I expect price to be drawn into.
I am entering at the current price.
Entry: current price
Stop Loss: 4785.63
Take Profit: 4275.90
Good luck and trade safe!
On the 1H GOLD chart, I am applying Elliott Wave principles to outline a potential short setup.
Price is currently retracing within a corrective structure after the previous impulsive move down. The wave development suggests this is likely a continuation pattern, with a move lower expected once the correction completes.
Within my strategy, I look for entries in key reaction areas where multiple tools come together to provide confluence. The current region aligns with that idea, while the downside targets sit within the Blue Box, where I expect price to be drawn into.
I am entering at the current price.
Entry: current price
Stop Loss: 4785.63
Take Profit: 4275.90
Good luck and trade safe!
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Trade active
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Trade closed manually
Bias changed. Took profit. Original TP is no longer valid.
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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.