This page is based on the potential trading setups covered here – https://greedy.ro/2024/07/24/forex-potential-trading-setups-2/
XAUUSD
XAUUSD went for the 5th wave and a lower low, therefore I entered a long position. However, I didn’t like the price move, so I closed the trade. After I saw some good buying pressure, I reentered the position, but closed it after the sellers came back.
As the market was unsure about the next move, I am currently waiting for more information.
This can be the start of a new bullish move, and I’m waiting for some confirmation on it before entering a position.
SPX
The short that I was in last week has reached TP.
I’m also currently in a long position on SPX, initially I entered a short on retest of 0.618 but after seeing the price rejecting the fib 1 level of extension, I’ve switched sides. Right now I’m bullish on SPX, will cover this on the next ‘potential trading setup’ post.
For now, this is how the daily timeframe is looking –
EURUSD
The expectation for EURUSD was to go lower, which we did, and this concluded with another TP.
Conclusion
Another good week up to now, 2 indecisive trades on gold that were closed without a big loss, and 2 TPs on SPX and EUR.