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Gold may have completed a minor 3rd wave with the breaking of the recent wedge consolidation.
A long trade could be considered when the following has occurred
1. Price has retraced .50 - .618 of wave 3 ( this will be wave 4)
2. Retest of trendline ( now acting as support)
The trigger to enter is = Price has closed back above the displaced 7MA.
Stop Loss could be considered
1. Aggressive - beneath the 7MA
2. Conservative - beneath the prior swing low ( wave ii) or 2 ATR
Target is to overhead trendline resistance and the 1.618 extension of wave iii, which is around 1280.
The trade would be considered exited early , if price were to close beneath the 7DMA.
Gold may have completed a minor 3rd wave with the breaking of the recent wedge consolidation.
A long trade could be considered when the following has occurred
1. Price has retraced .50 - .618 of wave 3 ( this will be wave 4)
2. Retest of trendline ( now acting as support)
The trigger to enter is = Price has closed back above the displaced 7MA.
Stop Loss could be considered
1. Aggressive - beneath the 7MA
2. Conservative - beneath the prior swing low ( wave ii) or 2 ATR
Target is to overhead trendline resistance and the 1.618 extension of wave iii, which is around 1280.
The trade would be considered exited early , if price were to close beneath the 7DMA.