After a massive drop due to FOMC and the rise in DXY gold seems to have found a base at the 618 FIB retracement level as well as previous shoulder support as seen in the chart analysis.
My expectations are for gold to rise to the targeted areas.
This is obviously not a quick trade and will take some time however good profit potential can be...
As you can see, we have a large scale head & shoulder pattern forming on the HTF. I have an inclination toward bitcoin having a mini rally to 48-49k in the next few days and weeks to fill in imbalances left during the selloff (refer to bitcoin futures chart to visualise gaps). I strongly believe that we are done with this cycle and bitcoin could head all the way...
Evening again traders.
This part two of my trade ideas on how I've trade the gold drop on the 15M chart in the last 24 hours.
Part one can be found here.
The strategy shared in part one was a trend based strategy with solid returns based on following the trend with a stop loss....
FOMC news caused some massive moves yesterday which carried on in to today.
Gold was massively effected but I wanted to share two ideas tonight on how I've traded those moves.
First idea is using our EDGE strategy which is a trend based strategy.
This isn't a gloat post this is to show two potential ways of trading gold on the 15M time...
Wait for a bullish candle on the daily chart and enter a long position. We can see a fib retracement to the 0.618 level and a potential inverted head and shoulders on the weekly timeframe.
I have place the SL just below the the next fib level.
Hello traders, In this analysis, we examine the 4 microwaves of C-wave, the C-wave 1, 2, 3, and 4 waves are formed normally, and now we are wave 5, wave 5 has come down strongly to Fibo 1.13 and is sticking to the trend line itself. So we have a wave of 5 extensions.
Wave 5 can go up to Fibonacci 2.618, but we do not expect this decline because then our analysis...
More gold sells taken today! Here is my trade for the day and my analysis. I'd also like to say with every trade I take risk management comes first so whenever price goes 1:1 I always move stop loss to B/E.
Hello traders, Gold is in a critical position, wave 4 with a strong downtrend yesterday was between Fibonacci 0.618 and 0.78, in this analysis we examine where is the last point to decline, where is the best point returned, and in what case this Field analysis.
At present, Wave 3 and Wave 4 form the harmonic pattern of the bat, with a turning point of Fibo...
Gold had a fundamental push from US Interest rates last night that has sold-off sharply. Expecting price to find support at this 3-Touch SR Flip area to move to the upside in the short-term and then to be re-assesed.
This is by far my most intricate and detailed analysis of Gold following a distribution that took place a few months ago, as shown.
We have hit our target area for gold as shown and stipulated.
Following the DXY's downward it has since settled and seems to be consolidating giving signals of a reversal with a H&S as well as distribution...
Gold creating distribution on 4H chart.
Wait for phase C, D and E to play out for confirmation.
If the retest happens of AR at 1910 for a LPS (last point of supply) then that would be a good entry with a stop loss above the 1912, target 1850
Personally I think this is a correction before hitting the higher target of 1965 so add buys along the way if you are...
A Trading Signal is seen in the XAUUSD Gold
Traders can open their Sell Trades NOW
⬇️Sell on 1865.35
⭕️SL @ 1874.01
🔵TP1 @ 1851.61
🔵TP2 @ 1844.31
🔵TP3 @ 1828.5
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1762.55 is a major support, while this level is not broken, the Midterm wave will be uptrend.
We will close our open trades, if the Midterm level 1762.55 is broken.
A peak is formed in daily chart at 1916.50 on 06/01/2021, so more losses to support(s) 1875.15, 1848.50, 1828.25 and minimum to Major Support (1762.55)...
In our last USDCAD analysis, we were looking at the lows from August 2018 for a signs of reversal. We pushed below that to hit the lows from early 2015 and we are finally seeing signs of momentum loss. On the lower time we can look for opportunities to go long. The invalidation point would be the 1.8 level.
With these kinds of patterns, the correction is...