Short term Buy Mid Week for FOREXCOM:XAUUSD by soaringtothestars

Hint: **XAUUSD will provide a corrective downwave. Take a buy from the bottom denoted**. Note that the market is messy now so there is high risk for this pair


Take a market order position upon the confluence of valid entry rules on the 4H or 1H chart.


Trading philosophy: Don’t short at the lowest of the bearish momentum nor do we long at the peak of a bullish impulse. The safest entries are at the end of a retrace on the 38.2%, 50%, 61.8% or 78.6% fibonacci back in the direction of the D1 master trend.

Note: I use Daily/4H or 4h/1H market structures with wave analysis to prep for potential moves. The MACD and EMA indictors are used only for entries from the 4H or 1H timeframe


4H chart should confirm that the bullish retrace had turned bearish . The MACD should have dropped below zero signifying a bearish environment. Price has dropped below the 10 and 20 EMA . For good measure, check that the 4h and D1 RSI is below the 50 signal line


4H chart should confirm that the bearish retrace had turned bullish . The MACD should have gone above zero signifying a bullish environment. Price had gone above the 10 and 20 EMA . For good measure, check that the 4h and D1 RSI is above the 50 signal line

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