1:6 Risk / Reward on Gold upcoming

Guys,

gold may be setting up a flat pattern. It is targeting into the 1295-1310 area. Wait for an impulse to complete along with decreasing momentum!

This results into a tight S/L setup leading to a 1:6 Risk / Reward trade.

We have to be a little patient here to pull the trigger.

Kommentar:

The impulse to the downside may be complete right now.
We need to wait for a 5-wave rebound as well as a 3-wave correction of that rebound to trigger the trade.

Trade ist aktiv:

ok guys, pulling the trigger here. tight s/l at 1301.

Trade geschlossen: Stop wurde erreicht:

-0.61%

This is the conservative version of playing this trade. Would reopen if seeing a motive wave bounce followed by a 3-wave pullback.

The contraction support is still working. Hence, an aggressive version is to keep this open / reopen until it gets breached.