I think I had seen this one before .... Pg. 321 Double Tops Eve

7 thg 2, 2017

Usually the encyclopedia works really good so lets try this one. What I see is a double top in the XAUUSD in the 1h and 4h frame confirming the new trend. Ok, in the long term I´m still bullish but this trade is a short term one. I have an impulse in the 4h frame that started 1207 just near the the yellow resistance line already drawn. As you can see, we are transiting a channel in yellow inside the channel in pink, so for this time we´re going to trade the yellow one. I expect at least a .38 fibo retracement for this one that will be able to touch the bottom of the yellow channel and getting ready to complete the AB=CD long term trade. For this one EP 1234.200 SL 1237 TP1 = 23% fibo retracement or 1228,8 TP2 = 1224.6 ..... usually I take my profits in TP1 and wait for market action and then decide. Also according to the Encyclopedia of Chart Patterns the confirmation line would be TP1 and TP2 or 63% after trend ends. ..... Anyway this one looks good. Good luck and trade with care.

8 thg 2, 2017

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I dont like what I see in this one. Was supposed to move bearish fast but didnt. Seems to be a Broadening Right angle and descending Pg 45. Anyway what is done is done, and my stop loss is really close.