madi052893trading
Short

A pattern based trade setup - SHORT/SELL for 16,800+ points

TVC:GOLD   GOLD (US$/OZ)
A pattern formation giving us a short opportunity with 3 potential targets for maximizing our trade rewards upon trade management. Caveat. On the target 3, there could also be another trade opportunity which is a potential bullish butterfly for a buy/long setup and depends on future market/price action. Look for the bull butterfly Point of Ruin as well. Trade with care.

Cypher Pattern:

XApt - First market swing/leg
ABpt - 38.20% < 61.80% XA leg
BCpt - 127.20% < 141.40% point AB leg extension *price must not closed beyond 141.40 if it does, pattern is invalid.
Dpt completion - 78.60% XC leg - ENTRY

SL level: above/below the pattern's X point as we could determine it as a good support or resistance zone/level or with a good 1:1 Risk:Reward Ratio prior form the price completion (entry) to TP 1.
TP level: TP 1 on 38.20% AD leg, TP 2 on 61.80% AD leg and for TCT (trend continuation expect a formation of new highs/lows so on the recent lowest/highest price swing of the market structure (pattern).

Disclaimer: Caveat, trade at your own risk. Trades are subject to be at risk and money manage with different objective as yours. I will not be held responsible for any losses that occur in your account. You and you alone are responsible for deciding if you are comfortable accepting the risk involved in trading the Financial Market.
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