Gold follow-up...

Coreg's EW+HP+D/W Range

Watching for GU to finish retracement...

Coreg's EW+HP+D/W Range

Gold hit the WRE (weekly range extension), but we should watch the 3288 level -the end of the AB=CD pattern. image Intraday Gold hit DRE (daily range ext.- Yellow Box). The first resistance zone @3338-3349. image

Coreg's EW+HP+D/W Range

GU hit overnight 100%dailyATR(14) @1.36188. Do we get a deeper retracement? Time will tell.

Coreg's EW+HP+D/W Range

A dull day (Bank Holiday in the USA), but still decent daily range. Stick to your trading method.

Coreg's EW+HP+D/W Range

Correction: 3403.41 is PSH (prior swing high, not WH). Sorry for the mistake. See the below 1-H chart for intraday setups. Gold is still in the downtrend on this TF.

Coreg's EW+HP+D/W Range

The most important # in the zone for the end of wave 5- 50% retracement from the daily chart @ 1.33863- was hit overnight. If the wave 5 is in place, the first target is AB=CD pattern @ 1.3461. The TL has to hold (BPC setup)

Coreg's EW+HP+D/W Range

Allow me to break the news to some of you. Intraday, swing trading is the business called: I vs. machine. Now, ask yourself what it takes to succeed in this business?

Gold

GU is close to the very wide zone for the end of wave 5 @ (1.3399-1.3343). image Reverse for downtrend image url

Coreg's EW+HP+D/W Range

Gold is in the range for 2 days. Unable to break WH @3403.41. Ability to trade the range required.

Coreg's EW+HP+D/W Range

The euro is not as weak as the British pound against the dollar. Euro hasn't reached the end of the AB=CD pattern @1.1471 yet.

Coreg's EW+HP+D/W Range

I didn't read your post as hate, I thought you jumped to the conclusion before the pattern failed.

Gold

DragM, the setup was valid...sure we don't know what will happen. We trust the process.

Gold

DragM, what do you say now? Are you going to apologize?

Gold

The market was nice enough to cooperate with my setup from yesterday. GU reached the target @1.3506 and hit the DRE zone (yellow box)-that is always the target if YH or YL is taken out.

Coreg's EW+HP+D/W Range

Don, after AB=CD (blue arrows) a new low is expected with the target @ 1.3507 marked by a maroon arrow. The failure can occur in 2 green boxes on the way down. 1.3582-.xx69 and 1.3540-.xx29. image and EU 15M image

Coreg's EW+HP+D/W Range

The same approach. Have a playbook with the setups, trade the best ones, and trust the process. "Where is the excellence in the process, there is an excellence in performance" line from the commercial during yesterday's US Open in golf. image here ...

Coreg's EW+HP+D/W Range

(b) leg usually has 2 legs but 1 in 4 has a V-shaped reversal. Currently, GU is in the support zone. The level to watch is YL @1.35229. Also, 120%dailyATR(14) was reached overnight. Still lower level possible. image image

Coreg's EW+HP+D/W Range

1.3660 is the target after the ABC pattern. We do not always get to the target in a straight line or not at all, so we need to monitor what is on the way to it. After minor C was reached we got an opportunity to go long 2nd time on the bounce of the ...

Coreg's EW+HP+D/W Range