GOLD Analysis - Future Plays + Grounding!
Hi my fellow traders, apologies for the lack of activity in most recent times. I try to minimise distractions at times as much as possible so that i can focus on trading. This is a good idea if you want to try it. Times are crazy right now. Don't be hyped into anything else. Remove the distractions and focus on YOUR plan. Don't be distracted by the news, media, trading signals. Just do your own thing and continue learning, growing and developing your craft. Work hard on this, this is the best time to do that and the best thing you can do right now.
Another quick one in case anyone is stuck in this: When things are greatly volatile, you may be tempting to trade those big moving asset classes. You may want to trade the Major Stock Indicies. What's the reason for it?
You want to make a ton of money? You want to impress your friends and family to tell them that you've caught the market crash? If you're experienced enough go ahead. But if you're not, then don't get caught in the whirlwind of that world.
Remove the ego out of your trading. Stick to your system and plan.
There are PLENTY of other opportunities and assets that will make you money. Stick to your long term game and don't think short term. PRESERVE your capital and don't give it away. You'll win in the long term. SURVIVAL is the KEY!!!!
I bet you're in this to become a professional trader, am i right? Then you know what you have to do.
If you answered no, then betting on red or black at the casino will give you a quicker outcome for the same result.
Okay now onto GOLD. Have a look at the notes i've written on the chart, start from the beginning and then arrive to where we are now. This is what i think may happen, with 2 potential (LIKELY) scenarios that i think will occur:
1) either we will continue this Trading Range. (Once the Trading Range is complete, we SHOULD see a 2nd leg down to complete the Major Gold Correction)
2) this recent surge up and double tap of the Major Uptrend line will have completed the B wave and hence we may start the C wave down/2nd leg down of the correction.
Thanks and good luck traders, remember to stick to your plan and and not get distracted by anyone or anything! Work hard on your craft and continue your development.
Place small risk trades to SURVIVE and hence be profitable with an edge over the long run.
Remember, you want to BECOME the casino, not give money back to the casino.
Be GREAT friends, be Smart, have internal control. Don't be greedy or you'll give back to the market, plus more. ;) Now we don't want to do that, right!?
Go own it friends!
Please LIKE and FOLLOW <3 Thanks Greatly!!
Another quick one in case anyone is stuck in this: When things are greatly volatile, you may be tempting to trade those big moving asset classes. You may want to trade the Major Stock Indicies. What's the reason for it?
You want to make a ton of money? You want to impress your friends and family to tell them that you've caught the market crash? If you're experienced enough go ahead. But if you're not, then don't get caught in the whirlwind of that world.
Remove the ego out of your trading. Stick to your system and plan.
There are PLENTY of other opportunities and assets that will make you money. Stick to your long term game and don't think short term. PRESERVE your capital and don't give it away. You'll win in the long term. SURVIVAL is the KEY!!!!
I bet you're in this to become a professional trader, am i right? Then you know what you have to do.
If you answered no, then betting on red or black at the casino will give you a quicker outcome for the same result.
Okay now onto GOLD. Have a look at the notes i've written on the chart, start from the beginning and then arrive to where we are now. This is what i think may happen, with 2 potential (LIKELY) scenarios that i think will occur:
1) either we will continue this Trading Range. (Once the Trading Range is complete, we SHOULD see a 2nd leg down to complete the Major Gold Correction)
2) this recent surge up and double tap of the Major Uptrend line will have completed the B wave and hence we may start the C wave down/2nd leg down of the correction.
Thanks and good luck traders, remember to stick to your plan and and not get distracted by anyone or anything! Work hard on your craft and continue your development.
Place small risk trades to SURVIVE and hence be profitable with an edge over the long run.
Remember, you want to BECOME the casino, not give money back to the casino.
Be GREAT friends, be Smart, have internal control. Don't be greedy or you'll give back to the market, plus more. ;) Now we don't want to do that, right!?
Go own it friends!
Please LIKE and FOLLOW <3 Thanks Greatly!!
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In Reversal Zone from 15 min and UP time frames
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Looking to see this breakout fail with a higher probability rather than this breakout succeeding.
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1 Hour on the left has not closed yet. next 30 minutes can close this 1 hour candle below resistance.
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This could be the time: 1 minute on the right side.
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Want to see follow through (1 min) and hence close the 1 hour BEARISH if possible.
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Further bearish pressure.
This 1 hour candle should be bigger than the hour 1 hour candle that closed strongly bullish.
Bulls can still buy this up and succeed in the breakout.
Need bears to step in and bulls to give up.
This 1 hour candle should be bigger than the hour 1 hour candle that closed strongly bullish.
Bulls can still buy this up and succeed in the breakout.
Need bears to step in and bulls to give up.
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Going out for some cardio friends. Won't be updating until i come back. Best of luck. Play it smart, LOW RISK!!!!!! calm down and don't be agitated to place so much risk on because you think you are right. We don't know what this dynamic market will do.
What you can control though is your risk level in case we are wrong.
The best traders in the world have an average win rate of 30-50%. Come on guys think about it, if we pump on 10-20% risk per trade we'll be out at that winning percentage.
Please be careful and look after your downside FIRST. This requires you to train it. Start NOW so you build the habits up.
What you can control though is your risk level in case we are wrong.
The best traders in the world have an average win rate of 30-50%. Come on guys think about it, if we pump on 10-20% risk per trade we'll be out at that winning percentage.
Please be careful and look after your downside FIRST. This requires you to train it. Start NOW so you build the habits up.
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30 min: 2 dojis. Indecision. No strong follow through yet.
Does increase our chances of a failed breakout.
right side: 3 pushes up. Final push for final triangle/wedge as a transitional pattern. higher chance of a bearish breakout with this pattern.
Does increase our chances of a failed breakout.
right side: 3 pushes up. Final push for final triangle/wedge as a transitional pattern. higher chance of a bearish breakout with this pattern.
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Still an hour left on the 4 hour.
The previous 4 hour candle closed as a doji. Current 4 hour's close does give a stronger indication on direction.
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The previous 4 hour candle closed as a doji. Current 4 hour's close does give a stronger indication on direction.
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Bearish Breakout. Follow through? Here we go :)
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POtential false breakout here with the move playing out on the daily time frame.
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3 pushes up on this last leg here.
Every time we got near the reversal zone and had a pattern for us to get into a short position, price would fall but then the bulls would buy back up.
IT looks like we may be at the end with exhaustion to the bulls and bears to take over.
We've overextended to the extremes (daily chart), pushing right into this major trend line to test. If we rebound back then we'll see the bears dominate now and take over.
This overextension went a little further than i thought and actually could turn back into a bull trend again by rejecting this Major Trendline. and hence denying the major correction from happening.
This area is critical and we'll see how the bears and bulls battle and who will take control of this market.
Will we continue our major correction due to the major trend line break OR will that have failed and we'll be continuing our rise up of this major uptrend line staying in tact.
Every time we got near the reversal zone and had a pattern for us to get into a short position, price would fall but then the bulls would buy back up.
IT looks like we may be at the end with exhaustion to the bulls and bears to take over.
We've overextended to the extremes (daily chart), pushing right into this major trend line to test. If we rebound back then we'll see the bears dominate now and take over.
This overextension went a little further than i thought and actually could turn back into a bull trend again by rejecting this Major Trendline. and hence denying the major correction from happening.
This area is critical and we'll see how the bears and bulls battle and who will take control of this market.
Will we continue our major correction due to the major trend line break OR will that have failed and we'll be continuing our rise up of this major uptrend line staying in tact.
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Left Side: (Sorry for the mess) On the Daily chart, this can still turn very bearish due to rejection off the major uptrend line. If so, we could possibly see some big moves to the downside.
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Looks good for a drop.
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We're in a tough battle here friends. There's a possibility we are rejecting the major correction and making moves up. Bulls still look strong. We have have completed a correction here and test. Bulls driving it up with some strength, looking to see them continue buying. Otherwise we'll fail and fall.
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right side ^^ >>>
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Looking strong. I've got in on a buy
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But care of this potential reversal zone above.
If strong sell signal, will go back to short.
If strong sell signal, will go back to short.
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Price shot up. Coming down for a pullback before we most likely will see higher prices.
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Potential pullback ending here.
www.tradingview.com/x/lTtiBDVw/
www.tradingview.com/x/lTtiBDVw/
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