Hi, Since gold has completed an inverted AB=CD on $1218 (see comments in related ideas below), i'm looking for a retest of $1170 area.
Gartley H2 in play, looking for Extended Bullish Bat on $1172
Short opened at $1218 and $1214. Long $1123.8
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I'm always concern about a previous structure ($1166) which has not yet been tested. The overall target is almost the same but price for reversal is quite lower than the previous idea. Timing is great also with FOMC Release on 1st February.
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Retracement in progress for Gold. Shark bullish, Waiting 1198/1200 to add short.
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MoneyFlowTrader
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nice chart. I can tell you put a lot of effort into it. Iittle jealous because I haven't mastered the Gartley & Harmonics as you have. Keep up the good work
@pixi, Thanks I agree w/ the structure pull back as previous support is now acting as resistances. From my exp, what happens on smaller time frames usually develops on the bigger time frames. I'm also seeing a Gartley Bear pattern on the weekly. Its not as technical as yours. I would greatly appreciate any feedback when you get a momment. If you don't mind i'm posting the chart here (not trying to steal your thunder)
pixi
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@MoneyFlowTrader, "If you don't mind i'm posting the chart here (not trying to steal your thunder)" -> guys like you are really welcome to comment with adding your charts/view. Don't hesitate.
Regarding your chart, sorry, but i don't see any structure like gartley bear on weekly TF. What you have drawn (in orange) is a bullish cypher.
The bearish gartley in weekly TF :
The bullish cypher in weekly TF (it didn't reach 0.786 but 0.764 fib - But timing of 55 weeks is good)
MoneyFlowTrader
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@pixi, Damn that was a good educaion lesson on Gartley. Much appreciated I will study these.
pixi
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@MoneyFlowTrader, quick reminder -> for all harmonic patterns (except 121, black swan, white swan)
Bearish pattern = D point ABOVE B point
Bullish pattern = D point BELOW B point
MoneyFlowTrader
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@pixi, thanks a lot for this great information, It won't go to wase.
MoneyFlowTrader
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amazingly accurate, I had to come back to it. I have the 1161 as my .382% fib level on the daily chart. I believe the ema's will attempt to push gold further down, but your are right fomc next week on the 1st. Could be a bounce level. Great chart again
robus
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Brilliant
pixi
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@robus, thanks but i would have preferred you wait the target before saying that's brilliant ;). Thanks for supporting ;)