Hi Guys, I started this work on the 1H chart but I am posting 4H. On the 1H chart I was trying to find a long SMA to support the move made since end 2018 beginning 2019 and found the 1000SMA. On the 1H chart the 1000SMA worked well as support and then resistance but it was too compressed. I tried the 4H chart and noted that the 1000SMA was working very well as...
Hi Guys, since week9 Gold be forming a distribution channel representing a bear rally before extending the correction. Thank you for your support and for sharing your ideas. Don't forget to put a like if you appreciate the post and to follow me if you want to receive notifications on new and updated ideas. Disclaimer: Please note that I am not a...
Hi Guys, I've just seen a tweet from @PeterBrandt (twitter.com) that shows a "common bottom". Well, in week9 - beginning week10; Gold made a "common bottom" XAB. What happened next is an attempt to regain and consolidate above 1300 throughout week10. At the moment BD are higher lows and AC are higher highs. RSI just above 50. Gold squeezed between 200 (support)...
Hi Guys, this is the bull run made by Gold since mid-Aug'18 which follows the guidelines for Applying Elliot Wave Theory. Here are some links for easy reference: stockcharts.com Just to note that the end of the above wave 5 is the letter H in the daily chart that I posted on March 19 related ideas linked below. Thank you for your support and for sharing your...
Hi Guys, please note that the formation inside the circle was made right on supportive SMA. Following the pannant made on Monday and the run made this morning, price pulled back from 59,50 to return below 59 and find support on the ascending SMA at approx 58,73 and bounced to gap up right after release of API Weekly Crude Oil Stock which was supportive for bulls....
Hi Guys, following my previsous post on US Oil (related ideas linked below) please note that the formation inside the circle made today may be a pennant that could trigger some bullishness into mid-week if sentiment picks up. Thank you for your support and for sharing your ideas. Don't forget to put a like if you appreciate the post and to follow me if you...
Hi Guys, Last week US Oil broke higher above the latest Trump's tweet with a run started on Wednesday. Price consolidated above Trump's tweet level with a triple bottom support throughout Thu, Fri and this morning before resuming the run pushed by the 90SMA. TO NOTE: RSI spiked briefly above 70 but lower than previous highs. Price instead kept going higher. IMHO...
Hi Guys, according to the Daily chart of USD/JPY that I posted on Feb 2, 2019 and the principle of negative correlations between their moves, GOLD is about to run towards the 166SMA with approx target/support at 1.260/1.240. Since USD/JPY reached the level of the blue bold horizontal line at 112 with a bullish move, I would expect GOLD to unfold a bearish move....
Hi Guys, the black bold arrow below indicates the divergence in the RSI. Such divergence was formed between last Friday and this morning and may prompt a run into the 50SMA. Don't think Index will cross it before FED meeting on Wednesday though. Don't forget to put a like if you appreciate the post and to follow me if you want to receive notifications on new and...
Hi Guys, DXY started the week forming a small divergence between the two last price lows A/B and RSI. AToW RSI is crossing 50 line whilst price is stopped by 50SMA pushing down. If push fails, price may reach last Friday's hights before tomorrow to wait for FED meeting on Wednesday. Thank you for your support and for sharing your ideas. Don't forget to put a...
Hi Guys, as you know I am obsessed with inverted (negative) correlations between GOLD vs USD/JPY. Week11 may be the start of one of these moments when their moves are negatively correlated. However this is not the topic of this idea. The topic of this post is the same as my previous post on Gold. "Common bottoms". And USD/JPY made a "common bottom" in week10...
Hi Guys, GOLD entered 2019 bullish driven by the fall in stock markets. It was supported in week1 and week3 before continuing for higher highs. In week7 Gold made a top at 1346. The pullback was supported in week9 at same level of week1 and week3. SMAs support the uptrend and now Gold is squeezed between the two SMAs. AToW IMHO Gold maybe set for a run above 1310...
Hi Guys, this is just a snapshot of DXY performance in 2019 week by week in H4. Interesting will be to study the last 10 candlesticks in the W chart. RSI making lower tops compared to price. 2018 tops were attacked again at the beginning of 2019. Start 2019 bullish. Maybe time to pull back. My view is not formed yet but AToW I am watching price behavior on the...
Hi Guys, the arm wrestling between Trump vs OPEC shifted in favour of Saudi Energy Minister Khalid al-Falih in mid-Week10. The barrier that Trump tried to build with his tweet has been broken and sentiment is now heavily overbought. The rally was triggered by remarks by U.S. special envoy Elliott Abrams that Washington planned “very significant” further sanctions...
Hi Guys, if you drag backwards the above chart you will find LS in week4. LS (left shoulder) week4 H (head) week7 RS (right shoulder) week10 IMPORTANT: RS was the idea, opportunities were along the way. At 1310 Gold will start facing resistance. Be carefull. For a complete picture please refer to my post dated March 10 in the related ideas linked below (GOLD:...
Hi Guys, it's Thursday Week10 and DXY has been coming down since last Friday. It may have found support on the 1000SMA at approx 0.618 Fibonacci retracement of the move 0 to 5 that occurred in week8 and week9 but ATwO 50SMA trying to push prices down from resistance at 96.76. TO NOTE that price bounced on 1000SMA when sentiment in RSI was oversold. TO NOTE that...
Hi Guys, this is an update of the post USD/JPY week10 linked in the related ideas below. View is unchanged: the pair remains squeezed between the two SMAs. In view of US dollar bearishness and Gold bullishness I would be inclined to be bearish on this pair but I have not made up my mind yet. Thank you for your support and for sharing your ideas. Don't forget...
Hi Guys, following Trump's tweet at the beginning of Week8, Oil ranged throughout Week9 entering Week10 with a bullish bias due mainly by comments from Saudi Energy Minister Khalid al-Falih that an end to OPEC-led supply cuts was unlikely before June and a report showing a fall in U.S. drilling activity. This is an arm wrestling US vs OPEC between 57 and 55....