Gold Analysis for August 22, 2023 - 1h TF Analysis
Gold may go up. But until when?
Going deeper on to 1 TF timeframe, we kinda see some signs of possible trend reversal.
This idea is invalid if price closes on or below 1884.
On 1h TF analysis,
1. We see extreme buy where moving average move past the bb line.
2. Followed by CSK Buy and CSM Buy
3. Price re-test and no longer breaks lower bb
4. Price didn't break mid bb (re-entry buy)
5. Made new momentum buy (CSM buy)
6. Re-entry buy
Definition of terms:
* CSK/CSAK -> Candlestick Arah Kukuh, Malaysian term, which means that the candlestick go past MA high, MA low, and crosses through mid bb. If CSAK is buy, then it signals buyer strength. If CSAK is sell, then it signals seller strength. CSAK tells us to prepare long or short position on re-entry, but it doesnt tell us to enter the trade immediately.
* MHV -> Market Hilam Volume, another Malaysian term, which means that candlestick can no longer make momentum candle. This is a confirmation sign that price may signal potential reversal. Same with CSK/CSAK, it doesn't tell us to enter yet. It just gives us 2nd signal after CSK/CSAK.
* Re-entry -> This is your entry. SL are usually tight to minimize risk.
* CSM -> Candlestick momentum, which means the candlestick closes past BB line. This is similar to CSK and MHV. It tells us the direction of the market. Only enter at re-entry.
What is re-entry?
Re-entry is located on 4 moving averages on BBMA strategy. That is MA5/10 high and low. Mid BB can also be a re-entry zone, so a total of 5 re-entry areas.
Re-entry is usually confirmed when price touches it then immediately rejects, which means it signals us that you can place your entries there, and set your stop loss somewhere below the re-entry zone (basic support/resistance areas can help you set your SL)
Going deeper on to 1 TF timeframe, we kinda see some signs of possible trend reversal.
This idea is invalid if price closes on or below 1884.
On 1h TF analysis,
1. We see extreme buy where moving average move past the bb line.
2. Followed by CSK Buy and CSM Buy
3. Price re-test and no longer breaks lower bb
4. Price didn't break mid bb (re-entry buy)
5. Made new momentum buy (CSM buy)
6. Re-entry buy
Definition of terms:
* CSK/CSAK -> Candlestick Arah Kukuh, Malaysian term, which means that the candlestick go past MA high, MA low, and crosses through mid bb. If CSAK is buy, then it signals buyer strength. If CSAK is sell, then it signals seller strength. CSAK tells us to prepare long or short position on re-entry, but it doesnt tell us to enter the trade immediately.
* MHV -> Market Hilam Volume, another Malaysian term, which means that candlestick can no longer make momentum candle. This is a confirmation sign that price may signal potential reversal. Same with CSK/CSAK, it doesn't tell us to enter yet. It just gives us 2nd signal after CSK/CSAK.
* Re-entry -> This is your entry. SL are usually tight to minimize risk.
* CSM -> Candlestick momentum, which means the candlestick closes past BB line. This is similar to CSK and MHV. It tells us the direction of the market. Only enter at re-entry.
What is re-entry?
Re-entry is located on 4 moving averages on BBMA strategy. That is MA5/10 high and low. Mid BB can also be a re-entry zone, so a total of 5 re-entry areas.
Re-entry is usually confirmed when price touches it then immediately rejects, which means it signals us that you can place your entries there, and set your stop loss somewhere below the re-entry zone (basic support/resistance areas can help you set your SL)
Comment:
Just woke up.
MHV Re-tested.
We really got strong buying force at the moment! :)
MHV Re-tested.
We really got strong buying force at the moment! :)
This is why it's important to do a multi-timeframe analysis.
My outlook is still neutral (Mixed signals from 1d and 4h TF post earlier)