Gold 200 pip plan
Hi there,
Lets see how the market behaves when it opens.
What i can see on this timeframe is price is making a H&S pattern.
Both keylevels are being respected perfectly and the crucial head has already been created.
This causes psychology to Stop out early buyers, a move the market always makes after the first shoulder creating the head afterwards
Remember that 90% of the people in the market fails. These 90% probarly went short after the head was being created, but sorry for them the price went up again, stopping them out again.
My 200 Pips plan
I'm Expecting prive to drop and place a buy limit order around 1726. Why 1726? this is a slightly under the fib 0.618 retest (which already can seen as a perfect entry)
SL around 1723 because this is under the fib 0.786 and price will have struggles reaching this area according to the previous left shoulder.
My TP will be at 1746 which is another -0.618 fib level. a level which has been respected in the past as wel
This is no Advice just my personal point of view and plan.
Have a great weekend and great trading week!
Sayief.N
Lets see how the market behaves when it opens.
What i can see on this timeframe is price is making a H&S pattern.
Both keylevels are being respected perfectly and the crucial head has already been created.
This causes psychology to Stop out early buyers, a move the market always makes after the first shoulder creating the head afterwards
Remember that 90% of the people in the market fails. These 90% probarly went short after the head was being created, but sorry for them the price went up again, stopping them out again.
My 200 Pips plan
I'm Expecting prive to drop and place a buy limit order around 1726. Why 1726? this is a slightly under the fib 0.618 retest (which already can seen as a perfect entry)
SL around 1723 because this is under the fib 0.786 and price will have struggles reaching this area according to the previous left shoulder.
My TP will be at 1746 which is another -0.618 fib level. a level which has been respected in the past as wel
This is no Advice just my personal point of view and plan.
Have a great weekend and great trading week!
Sayief.N
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.