Potential deep crab pattern + major resistance area.

If the deep crab pattern is completed I might enter a short position with a PT to previous structure high (1246.6). Regardless of the deep crab pattern, I'm expecting gold to reach the red rectangle. That area is ideal for a short position. There are too many signals pointing to that area (2 different types of harmonic swing (AB=CD patterns), 127.2% ext of 1124.3 - 1246.6, 161.8% ext of 1124.3 - 1220.1, and the 61.8% retracement of the major trend (1377.5 - 1124.3). That red rectangle is a congestion area and hence a potential kill zone. You could enter aggressively or wait for a retest. PTs are not defined yet, but I will wait to see if my prediction is correct in order to look for PTs.

Zlecenie aktywne:

Entered at 1264, with a SL at 1265.1 and PT at 1260.2

Komentarz:

moved my SL to 1263.6. If gold moves above that it most likely gonna retest previous high and I dont wanna be in this trade if that happens.

Transakcja zamknięta: osiągnięto wyznaczony cel:

Target at 1260.2 reached. Left money on the table but I was happy with a > 1:3 risk reward ratio. Can't be greedy...GL y'all