Gold - Bearish Bat Pattern
This is Gold at key weekly resistance of 1205-1207.
After the nice push up from 1190, it has stalled and seems to be going sideways.
Mapping out my fibo ratios, I realized that it is nicely sitting at a bearish bat pattern PRZ.
For today's trade, I will extend my stops a little bit further as this bat pattern with its B point at 0.382 could extend into an alternate bat pattern.
PRZ: 1205-1207
SL: 1217
TP1: 1197
TP2: 1191
Compared to commonly traded fx pairs like Eurusd, Gold is 10 times bigger, so a typical 1 standard trade on EURUSD will be only 0.01 on Gold, keep that in mind and do not over expose your positions.
Good luck and good trading!
After the nice push up from 1190, it has stalled and seems to be going sideways.
Mapping out my fibo ratios, I realized that it is nicely sitting at a bearish bat pattern PRZ.
For today's trade, I will extend my stops a little bit further as this bat pattern with its B point at 0.382 could extend into an alternate bat pattern.
PRZ: 1205-1207
SL: 1217
TP1: 1197
TP2: 1191
Compared to commonly traded fx pairs like Eurusd, Gold is 10 times bigger, so a typical 1 standard trade on EURUSD will be only 0.01 on Gold, keep that in mind and do not over expose your positions.
Good luck and good trading!
Awaiting 2nd tp at 1191.