salsapete
Long

Gold - a simple trade on average

FX_IDC:XAUUSD   Gold / US-Dollar
213 4 12
Gold             has made a .618 + retracement of Intermediate wave 1. Over the last 3 days price has moved up , and on Friday closed above the 10 MAV             .

Entry 1- choice to enter at the 10 MAV             value on Monday or at market open price.

Stop - beneath the candle breaking the 10 MAV             = 1249.80


Entry 2 - if price moves up beyond the 20 MAV             , set a pending order to buy at the value of the 20 MAV             .

Stop - beneath the candle breaking the 20 MAV             .


Targets

1. The Upper 2SD Bollinger band = 1291.66

2. Equal legs extension of intermediate wave 1 = 1322.59

3. 1.27 Fib extension of intermediate wave 1 = 1344.77

4. Prior Key Swing High ( and 1.618 fib extension) = 1375


Exits

1. Protective stop is hit = 700 pip loss. Trade is invalidated and closed.

2. Confirmed break of 10 MAV             . Partial closure of trade if wished.

3. Confirmed break of 20 MAV             . Trade is closed.


***** A confirmed break is daily close beneath the moving average. A wick does not count.
Looks good for the next price movement.
Antworten
@7878max, Yes maybe. I would only have a small position size on the first entry.... just in case price moves towards the trendline support area. A break of the 20 mav would have a larger position size, as it is more likely the trend to the upside has resumed.... :)
Antworten
7878max salsapete
@salsapete, I agree trend is key always. It's worth noting that this may be a 3rd of a 3rd wave that could be very impulsive. I'm keep my eyes peeled for that type of wave attribute.
Antworten
@7878max, Yes my thinking is when the minor wave 1 high is broken , this will rocket with the impulsive . So that is another place ( possibly the best) to add to a position. :)
Antworten
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