Good (Insert time of your day :D ) to everyone!
I been analysing gold for a while now and trying to get better in in. Was doing a few analysis before i finally decided to publish my, idea, lets say.
So i came up with this weirdly looking inverted Cup from my top down analysis. And as we know a inverse cup means a bearish sign or pattern. Now correct me if im wrong, after all we are learning our whole lifes.
This means according to the old estabilished pattern that it could/should fall to a certain level, and by most of the people its mostly anticipated to fall towards 16 zone. Which i noticed on my top down analysis was a nice big zone of Demand.
Please, feel free to correct me in a constructive way so we all can learn if i have done any mistakes.
Now, my idea does not takes the COT Gold, Silver and US Dollar Index Report from May 22, 2020 in consideration.
Legend:
Color:
White - 1H chart
Green - 4H chart
Red - Daily Chart
Blue - Weekly Chart
Purple - Monthly Chart
I'm Looking to short near 68.1 Fib Retracement.
Each line means that it was placed on a different timeframe, so the color code is to not to confuse anyone. the grey lines are something else im currently examining.
Thank you for your time to comment and correct me if im wrong in any way.
I been analysing gold for a while now and trying to get better in in. Was doing a few analysis before i finally decided to publish my, idea, lets say.
So i came up with this weirdly looking inverted Cup from my top down analysis. And as we know a inverse cup means a bearish sign or pattern. Now correct me if im wrong, after all we are learning our whole lifes.
This means according to the old estabilished pattern that it could/should fall to a certain level, and by most of the people its mostly anticipated to fall towards 16 zone. Which i noticed on my top down analysis was a nice big zone of Demand.
Please, feel free to correct me in a constructive way so we all can learn if i have done any mistakes.
Now, my idea does not takes the COT Gold, Silver and US Dollar Index Report from May 22, 2020 in consideration.
Legend:
Color:
White - 1H chart
Green - 4H chart
Red - Daily Chart
Blue - Weekly Chart
Purple - Monthly Chart
I'm Looking to short near 68.1 Fib Retracement.
Each line means that it was placed on a different timeframe, so the color code is to not to confuse anyone. the grey lines are something else im currently examining.
Thank you for your time to comment and correct me if im wrong in any way.
Comment:
I also forgot to mention personal "area" for 1737,37 is due to multi-week S/R and its close to the 61.8 Fib Retracement 1738,29
Comment:
For some reason, after i didnt got ticked in i did some stupid entries and exits with some losses. Now to save myself from my mistakes i made a final entry to sell on 1724,35 and i wont move from there.
Comment:
The green trend line is for the 4H charting. Its clearly getting rejected. looking to go short toward 1720 and lower.
Does not takes in consideration the news regarding US-China "Cold War"
Neither the current situation in Hong Kong - the protest against the new Security law.
These news could affect the price of gold being pushed higher up as gold is a "safe haven"