I am targeting 1160 and 1150 on the 1 hr chart. 1150 hits the fib projection and fib extension levels from the start of the bear trend on the daily chart.
I'm actually using a 10 min chart on another platform, but the 15 min chart correlates close enough. Just waiting for the 5th wave up to end, then go short - check stochastics are overbought on both this chart and the 1hr chart... the 1hr chart overbought position is crucial before shorting Gold down.
I'm actually using a 10 min chart on another platform, but the 15 min chart correlates close enough. Just waiting for the 5th wave up to end, then go short - check stochastics are overbought on both this chart and the 1hr chart... the 1hr chart overbought position is crucial before shorting Gold down.
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Just adding some text to make the thinking easier to follow
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I shorted at 1179 and just closed out at 1174. Just reassessing market conditions before going in again as the 10 min chart is going back up. Will short when the 10 min chart is oversold
This is the 1 hr chart- still trending bearish compared to 50MA.
This is the 1 hr chart- still trending bearish compared to 50MA.