The PROPER use of advanced patterns along with correct wave counting techniques can keep you OUT of bad situations as well as get you into good ones! I know many of you went and SHORTED this prematurely thinking that structure was going to give you a good trade but if you knew what I knew, then you would know that structure wasn't going to hold and shorting there was a recipe for disaster!
If you know what I know in the BIGGER picture, you will also know that you haven't missed out YET on the upcoming MASSIVE MOVE! When is that to happen? Well, my BIG PICTURE charts tell the story! But for now, watch for this POTENTIAL Bat to complete first and for the final minor wave (5) to complete before you consider going SHORT again. Don't be hasty! BE PATIENT and WAIT for a proper trade setup! Don't try to catch the top! Let price action tell you this wave 4 retracement is done and THEN SELL!
My chart is only a GUIDE and is not meant to tell you that you should sell at the levels my chart says! It could very well move even higher than what I show so WAIT and WATCH!
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Are you SHORT yet? If you are, you are not PATIENT ENOUGH! There is STILL not a good sell setup. And just because a Bat pattern completed, it does not automatically mean to sell. This is a strong mini-trend up. Not wise to fight it! Must look for price action to tell us that the trend is over before we can consider to sell. Wave counts also don't support that it's done....so if you just rely on structure...you're only seeing half the picture...
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Last week, I warned against going short too soon on Gold although the Bat pattern did fill. Now if you took a SHORT trade based on that bat AND YOU GOT OUT when it hit the TP1 of that Bat, then congrats, you made +120 pips! I did not take that trade. Why? Because as you can see, IF YOU DIDN"T GET OUT on that Bat TP1 thinking that Gold is going down or because someone told you to sell on structure alone, well, you've lost all the profits on that Bat and are now holding a losing SHORT position hoping it will go down. Hoping a trade will turn around while you are sitting in a negative position is NOT a good feeling and NOT a good way to trade!
In any case, if you do a wave count on Gold as I show here, then you will come to the same conclusion that this move up is NOT done and should still head higher. Yes, I do want to sell Gold but not right now! Can I be wrong? Sure! But you know what? If I'm wrong, I'm still not losing any money!
what is your trading system based on ? I see Harmonic and Elliott in your analysis.
EverythingForex
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@CuongTran87, yes, harmonics and wave counting are main components of my analysis but there's more to it than just that!
CuongTran87
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@EverythingForex, I'm using Harmonics also but not good at Elliott counting. Do you have offer a training course ?
EverythingForex
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@CuongTran87, Sorry, I don't offer a training course on Elliott Waves but anyone who is one of my members can ask me for help on it as they wish! There is an abundance of very good Elliott Wave training out there on the internet anyway. Thanks for asking!
Hi @EverythingForex, where can I get more info about the subscription of your services?
EverythingForex
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@trading4fun, you can find more information here: bit.ly/29x4bfM. Full access to all my charts, analysis, trades and members chat rooms. Plus REAL-TIME updates and alerts, twice daily chart updates and more...!
dchua1969
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hi
when you say the big picture, wonder if you are referring to fundamental news or some Institutional buying/selling that most retail traders like us are not able to get? As a newbie, I have noticed quite a few authors using this harmonic patterns to make their trade calls. While I do not track the records, my gut feel is a 50/50 hit and miss and I find two different traders can use the same indicators but draw it differently,resulting in different entry/exit points. That can confuse newbies like me even further. I agree with you about not following blindly what others are doing and also the importance of a trade plan with proper SL and TP. To learn to quite within oneself and trust their own judgement call without being interrupted by the media, noises and rumours require discipline and diligent practice, something that I am working on. The 1 hour chart shows RSI hovering above 80, indication that it is overbought. Does that mean it might retrace soon (I reckon at 1165 price level) as that was the price action on 15.12.16 where it starts to head southwards. My 2cents and hope to learn more from you. many thanks