# GOLD break down the correction channel

FX:XAUUSD   黃金 / 美元
9222 27
GOLD             break down the correction channel
and it's likely to heading down

1264.39 is the 0.618 level and after being tested
two times , the buyers failed to make new high.

In my webinar posted on last Friday, I have clearly
pointed out this level.

Now the direction is clear, our strategy will be
short the pull back.
this time I think Gold             is likely to break 1200
so, you say that this is the time to go short, right? we are in the exact middle of your box, right? short it, or do not short it right now?

awesome dude

I think, we still have room to go upside. Have a look at this chart.

Dinkan
@Dinkan, agree.this is contracting tringle

trung.nguyenduc1708

trung.nguyenduc1708
@trung.nguyenduc1708, how can you determine whether this is a contracting triangle or not? because for a triangle you have to have 5 legs, right? and you do have only 3...

Koryphaeen
@Koryphaeen, You're right, but It works just like the structure of this pattern
Using technical analysis need to be flexible

trung.nguyenduc1708
@trung.nguyenduc1708, the problem in technical analysis is that when you say that a pattern in which not even the 3rd wave is finished you forecast a 5 wave triangle (a pattern which is quite rare) you develop a bias and miss the whole move that comes because it will get you off guard waiting for something else to happen... and that is how you can be flexible. remember, you were the one saying that "this is a contracting triangle"... and it's not it, was never a candidate for... btw: did you catch the upmove? because if you have waited for a contracting triangle, you shouldn't be in this trade, right? because you waited one more leg down to finish it... see my point? that is flexibility... sticking to a pattern from too early on is just the opposite of that ;)

Koryphaeen
@Koryphaeen, and @Dinkan is right with his chart that shows upmove, more upmove. No way I will get out from my long on this one and short it counter trend wise like the original idea of Jack's tells you, because the momentum is for upside and shorting it now because of a supposed S/R area or God knows why would be like catching a falling knife or in this case hooking a rocket... :D

trung.nguyenduc1708
@trung.nguyenduc1708, i don't know man, some of these guys like Jack never learn that selling yourself when upside momentum is at play is a dangerous game... this is how you waste/blow/wipeout/destroy your account, rapidly...

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