GOLD'S RETRACEMENT IDEA OFF OF BAT COMPLETION

7 Ağu 2016

There was a final push at the end of Friday's large decline that kept killing my scalps for gold to go back up. Bad for the scalps but it did push it down enough to validate, in my calculation, the final leg of the bat formation. Now, I'm looking to retrace to the Fibo .382 mark with a target of 1352.

This is my first bat and retrace trade to post so I'm only presenting it as a test of my skills while learning here on TradingView. Input is welcome and desired. I'm trading this and entered long at Friday's close. I don't have a stop loss set as I don't know what asian markets will do yet at their open and will watch closely and manually close or add to the current long position (100 ounces).

7 Ağu 2016

Not

Actually, did it wrong. Set my retrace from D to B leaving .382 too low. Here is the corrected:

7 Ağu 2016

Not

Notice 50 EMA currently sitting at 1352 as well.

We gapped down, but I was thinking Friday it might do this if retailers thought it was diving and wanted to open a Market Order Short.

It's been open now for 30 minutes and it's slowly making a climb. We'll see when HK opens in 1.5 hours.

8 Ağu 2016

Not

It misses its friend, the 50 EMA:

8 Ağu 2016

Not

Half way there with green 1H candles then whole way after gap down open.

8 Ağu 2016

Not

Fixed the fibo from wrong direction. Sleepy mistake. Target same, 45 then 53 or we head back down.

9 Ağu 2016

Not

Still on track. Let's see if we can push through the old trendline which became resistance.

10 Ağu 2016

Not

The above chart shows the bigger picture so that I know where I'm looking to trade after TP reached. I'm hoping to come back down to complete a larger pattern before working back up to retrace off of the larger bat's D.

10 Ağu 2016

Not

Closed long. Exceeded target for great profit. Now short and holding.

10 Ağu 2016

Not

TRADE CLOSED AT 1355

SHORT OPENED AT 1353