XAUUSD 23/8 has the uptrend started?

23 Ağu

Looking at H1 we see
- Yesterday we saw a sharp decline after the PMI news, the price reached our BUY Entry, up to now we have a 190 pips victory, congratulations to all of us.
- Now looking at the uptrend we see a 3-wave structure, on the other hand we see that yesterday's downtrend has the characteristic of sharp and fast movement, so we expect wave 3 to have formed and currently the price is correcting wave 4.
- With the target of wave 4 I measured, wave 4 has reached the price target and now we are waiting for wave 5 to complete.
- Wave 5 is confirmed when the price breaks through 2470.7 and the target is measured at the price zone of 2460 - 2457
- Because the price zone of 2470 is also the target price zone of wave 5 that we measured from the previous day's plan, we cannot rule out the possibility that the downtrend structure has been completed and it is confirmed if the price does not break through the 2470 zone. Then the price will continue the uptrend.

Our trading plan will aim to BUY when the price breaks through 2470

BUY ZONE: 24600 - 2457
SL: 2450
TP1: 2470
TP2: 2486
TP3: 2498

SELL ZONE: 2499 - 2502
SL: 2509
TP1: 2486
TP2: 2479
TP3: 2470

SELL ZONE: 2531 - 2534
SL: 2541
TP1: 2519
TP2: 2501
TP3: 2486