Gold sold at 86200 ,1250 points profit booked at 84950 sell riseHow to take trades using Harmonic pattern projection Trade setup is explained below :-
To take fresh trade in Buy/ Sell side we have to check if Price if Above / below 23.6 mentioned as D(23.6%)
Then we can take fresh buy or sell trade with SL or recent high/ low mentioned as point D( 0 %).
Targets :
T1: 35 % to 38.2 % level is our 1st Target
( This is reversal zone so if price taking support and not break zone then book profit. If breaking then hold trade with SL just above or below cost)
T2: 50% level is our 2nd Target
T3: 61.8% to 65 % is our 3rd Target
( This is also reversal zone so we have to book profit at this area and if break then take fresh entry with SL of 2nd Target 50% .)
Next Targets are 78.6 % , 88.9 % 100% , 113.5 % , 127.2% , 138.2% ,150% and 161.8% to 165%.
161.8 to 165% if profit booking area so book full profit and wait for reversal.
How to take reversal trade :
If price going upside/ downside then then buy or sell levels appear on Chart ( Automatically show when price reach any reversal zone of harmonic projection parlttern based .
After showing reversal levels wait for confirmation until 23 .6 % level not break if break then exit from current buy / sell trade and take fresh reverse trade buy/ sell .
Trailing SL:
After reach 1st Target trail SL to just above or below cost ( for example we are holding sell trade from 100 1st Target 110 hit then move trailing sl to 104-105 and move SL as price move upside or Downside)
