Wave 3 of Gold Completed? Part 2
Towards the last 6 hours of market close on 13th April (GMT+8)
Gold prices plummeted from ~2430 down to 2344, a drop of near 86 USD, forcing the weekly candle stick into a shooting star formation.
And if we now use fibo retracements on the 2-3 leg, 0.5 retracement will be around 2121 just below the quoted resistance changed support level of ~2135 of my first post.
Although my initial bearish position was stopped out, but said stop loss was very valid as XAU went up to 2430 at the highs, and if it wasn't preset emotional trading might have led my loss to be even bigger.
That being said, I am looking to re -enter the market again if can get in at market open near 2344, with stop loss at previous high of 2431 and take profit at 2135 RR ratio would be around 2.4:1
Towards the last 6 hours of market close on 13th April (GMT+8)
Gold prices plummeted from ~2430 down to 2344, a drop of near 86 USD, forcing the weekly candle stick into a shooting star formation.
And if we now use fibo retracements on the 2-3 leg, 0.5 retracement will be around 2121 just below the quoted resistance changed support level of ~2135 of my first post.
Although my initial bearish position was stopped out, but said stop loss was very valid as XAU went up to 2430 at the highs, and if it wasn't preset emotional trading might have led my loss to be even bigger.
That being said, I am looking to re -enter the market again if can get in at market open near 2344, with stop loss at previous high of 2431 and take profit at 2135 RR ratio would be around 2.4:1