FX.co ★ Trading idea for Gold

Good day, dear traders! Here is a trading idea for gold.

The greenback strengthened against all currencies after Jerome Powell's speech on Tuesday. At the same time, the price of gold declined which led to a significant decrease in the rate of the instrument. I suggest that at the American session we work on the continuation of the fall in order to update the weekly stops of buyers at the 1872 and 1846 quotes:

A three-wave structure is observed, where the "A" wave is the initiative of Tuesday - the news day.

Today, we have a rollback above 50%, as well as an update from yesterday. I have here 2 sales schemes:

1. False breakout of yesterday's maximum with short stops.

2. Working out the classic three-wave 1 to 1 (stop 1919, take 1872).

The idea to lower the rate according to the big scenario will be relevant until the breakdown of 1919.

Exit by profit in 1872 and 1846. The profitability of the transaction is 1 to 1 and 2 to 1.

The trading idea is presented in the framework of the "Price Action" and "Stop Hunt" methods.

Success in trading and control your risks!