A pattern based trade setup + multiple bias/confluence

TVC:GOLD   黄金差价合约(美元/盎司)
Hi guys, a short/sell opportunity waiting here for the GOLD . We could sell/short aggressively and stop just above the pattern's X point or wait for further price/market action or confirmation. We will see price from here. RSI Divergence is also visible and a possible bearish engulfing candle inside the Cypher PRZ, we will wait for the completion of today's candle. Good luck!

PS. See related ideats for some recent analysis on this market as well.

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.
评论: A bearish Bat pattern setup for TCT to the downside? Re-entering for a short/sell. We will see...
Like the chart colors! Analysis too! Thanks for sharin!
@madi052893trading, thank you for a great looking chart. Just one question, where is the x point on the chart?
@monitorr, X point is at the 1357.50 price.
monitorr madi052893trading
@madi052893trading, ahh so we short there depending on what basis?
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