We had a great opportunity to buy some gold last week - hope you got some.
On the 22nd, we saw price pull back to the demand zone, forming an eW3. It then retraced back to old support to form an eW4 then meandered back towards the demand zone, without quite getting there, forming a truncated eW5. The drawing of a trendline, as shown in the pic below, provided us with the trigger we needed - look how price spiked above it at the eW5. A PO above the spike, with SL below swing low provided a low risk entry with what transpired to be lots of reward. Partial profit taking at the SR pivot with SL to BE then watch it go ...
How would we then go about finding some targets and trailing SLs? Well ... glad you asked. Someone asked me to write a Schiff Pitchfork indi recently and I must say it's been quite an eye-opener. Take a look at how price reacted to the modified Schiff and parallel lines (in red; the light blue is the standard pitchfork that comes with MT) in particular the eW3 & 5. When price eventually broke the upper Schiff line, it was off to the races: all the way to the upper-most parallel and the upper line of the standard pitchfork.
I will make the Schiff indi available shortly - just need to tidy a couple of things up.
Snorm trades only with GKFX and has no hesitation in recommending them, for tight fixed spreads and quick execution (even during NFP, from personal experience).
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