Hello my friends,
Today we gonna set a pending order for XAUUSD as well.
As you can see, price recently rally for 1100 pips from 1764 to 1874 in just 1 week.
I think we could see some retracement as well before price continue to soars in XAUUSD.
Recently price retrace from 1874 to 1825 which is 490 pips movement. I think there will be another move to the downside because the retracement is only around 38% fibonacci.
If we assume the recent movement as an impulsive Wave-1, then this retracement will be Wave-2 and it will consist of ABC correction.
We are on the process of Wave-B to the upside and i think we could see it goes up towards 1850-1856 area.
There is a resistance at 1850-1856 area which will be a nice place to start selling XAUUSD.
I will set a pending sell limit order to try catching it.
If price continue to drop without touching my pending order then i will skip this trade and wait for next opportunity.
Sell limit XAUUSD 1856
Stop loss 1866
Take profit 1806 (5R)
RR Ratio 1 : 5
Use only 1-2% risk
Good luck
Today we gonna set a pending order for XAUUSD as well.
As you can see, price recently rally for 1100 pips from 1764 to 1874 in just 1 week.
I think we could see some retracement as well before price continue to soars in XAUUSD.
Recently price retrace from 1874 to 1825 which is 490 pips movement. I think there will be another move to the downside because the retracement is only around 38% fibonacci.
If we assume the recent movement as an impulsive Wave-1, then this retracement will be Wave-2 and it will consist of ABC correction.
We are on the process of Wave-B to the upside and i think we could see it goes up towards 1850-1856 area.
There is a resistance at 1850-1856 area which will be a nice place to start selling XAUUSD.
I will set a pending sell limit order to try catching it.
If price continue to drop without touching my pending order then i will skip this trade and wait for next opportunity.
Sell limit XAUUSD 1856
Stop loss 1866
Take profit 1806 (5R)
RR Ratio 1 : 5
Use only 1-2% risk
Good luck
