so finally gold is heading to the upside to form wave 5 after a long complicated correction wave, we are in the start of wave 5 so im looking to trade wave 3 of wave 3 of 5 i waited for the structure to form, now waiting for wave 2 of 3 to finish as a double three and hit the 0.618 fib level matched with a resistance zone which will be support
_ looking for small candles near that fib s/r level indicating lose of momentum and some price action candlestick ( long wick , color change candles) and a divergence between wave a/c of 2, and a strong spike to the upside to confirm the end of the retracement
_ scale down to 1h looking for new structure after the break of it that would be my entry signal
_15m entry after ema's crossover 8/14
stops bellow wave 2
target is 1.618 fib extension of 1/2 orange
_ looking for small candles near that fib s/r level indicating lose of momentum and some price action candlestick ( long wick , color change candles) and a divergence between wave a/c of 2, and a strong spike to the upside to confirm the end of the retracement
_ scale down to 1h looking for new structure after the break of it that would be my entry signal
_15m entry after ema's crossover 8/14
stops bellow wave 2
target is 1.618 fib extension of 1/2 orange
Trade stängt: målet nått