Hellena | GOLD (4H): Short to support area 2603 (after wave 5).
Updated
Dear colleagues, I believe that wave “5” is not completed yet, but it can end at any moment, so I consider 2 variants of events, but in both the target is the support area 2603.
1) The riskier one is to open a short position on the market.
2) Conservative - wait for the price to rise, and enter with less risk.
Manage your capital correctly and competently! Only enter trades based on reliable patterns!
1) The riskier one is to open a short position on the market.
2) Conservative - wait for the price to rise, and enter with less risk.
Manage your capital correctly and competently! Only enter trades based on reliable patterns!
Note
Friends, still I believe that the price will continue the upward movement, because according to my calculations the price should complete the five-wave movement.
The nearest target is 2765. From this point you can look for a conservative entry into a short position!
Trade active
Colleagues, in my opinion the price is making a small correction and I expect that the level of 2758.650 will be updated. After its update I believe that the price will start to form patterns for reversal movement.Note
Colleagues, price is unlikely to go down by the end of the trading week. Rather, I expect the sideways movement to continue.
And then I expect the beginning of the upward movement continuation.
I am thinking that after reaching the 2797 area, I would move take profit to the 2685 level to gain more confidence.
But I will write about that on the weekend.
Trade active
Friends, just like on the Euro, at the beginning of the trading week I expect certain events, based on which the direction of price movement will be clear.
Let me explain what I mean.
The price is in a small sideways movement, which looks like a triangle.
This means that:
1) An update of 2758.65 is possible and that means I expect 2797.8 to be reached.
2) An update of the local high at 2708.9 means that wave “5” is still complete and I would expect the downward movement to continue.
Note
Colleagues, the price showed growth at the beginning of the week, but the range 2758.65 - 2708.9 has not been broken yet. So I will expect the same scenario I wrote about yesterday.
Trade active
The price has updated the nearest high of 2758.65 and this means that the resistance area is close, so I am starting to look for short positions.
But I still expect that the price is able to reach the 2800 level, which does not contradict the forecast.
In any case, we should look for a sell pattern.
Note
The price has almost reached the resistance area at 2797.810, and now I think there is a possibility that the price will break this level a bit and I will start to look for short positions!Trade active
Dear colleagues, at the end of the trading week the price showed a strong downward movement. I do not exclude that 2797 will be tested again, but the bears have already started to show their strength!
All my thoughts are only about short positions.
Trade active
Colleagues, I believe that the price will continue the downward movement, but there are some changes.
We will have to be very careful when reaching the level of 2709. Here I should set trades to breakeven or close some positions, because there is a high probability that the price will test the resistance area of 2797.8 again.
(Breakeven=Risk Free: Move Stop loss to the entry level).
Trade active
Colleagues, I once drew a certain channel
2708.9 - 2758.65. It looks like the price has returned to it and will be in it for some time.
Here we have to decide what will happen next.
If 2708.9 is broken through, we continue to hold short positions and put them at breakeven.
When 2758.65 is broken, the price will most likely renew the highs.
Note
The 2708.9 level has been broken definitively and I am now confident that price will reach the target as I believe it will this week!Trade closed: target reached
Well done!
✅ Free TELEGRAM channel: t.me/HellenaSignals
🌅 INSTAGRAM: instagram.com/hellena_trader
🌅 INSTAGRAM: instagram.com/hellena_trader
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.