GLD banged it's head at the centerline (blue), which is basically the center of the A/R set.
Next support is the downsloping centerline of the bigger A/R set.
P!
Here is the second hidden hint i was able to reveale from the same chart, that gave me the heads up for a high probability short.
P!
Basic Action/Reaction for free: mytradingcoach.teachable.com
How is this possible?
How can one find those spots (red dot), to initiate a trade with a high probability of over 80%?
Yes - if you short the upper Medianline Parallel, then you have a chance of >80% that price reaches the Centerline (grey).
The "secret" lies in KNOWLEDGE.
If you know WHY you choose the spot where you draw your lines, then you know the reason...
Case A: a small base to build around 47-50 and proceed at least to 1260 where a break must happen to attach 1280
Case B: a deeper correction into 1228-1236 zone and from there move to 1280 on a powerful impulse
In this chart I describe the multiple time at mode signals and elements we can extract from price action in gold and silver, in monthly scale.
It's worth noting that there's a possibility of a long term decline reversal, specially evident in the case of gold, where the 17 bar downtrend on chart has failed. Trying to take long positions from lower timeframes will...
The new adjustment to the gold/us dollar by the EWA/EWP analysis! There are 2-variants of the price progression in subwave C. Classic impulse or can be Ending Diagonal Triangle!? Anyway: Buy limit - 1073.56, S/L -1069.00, T/P - 1086.00
Best regards! Sincerely yours, Powerful Traders.
value seems to be transferring from bonds to gold.
a long gold, short bonds position produces an attractive equity curve.
The charts shows dollar value for a combined position of 3 futures:
2 long GC (gold)
1 short ZB (treasuries 30yr)
Long position! Buy limit 10 lots at the price 1073.50 and second buy limit 100 lots at the price 1065.73. Both trades S/L 1060.00 & T/P 1087.00! Have a nice trades! Sincerely yours, Powerful Traders!
One big reason why I bailed out of my Long yesterday other than the obvious lack of price confirmation and the weakness in the Euro is that moves that start with sharp movements often end with sharp movements and not dull slow bottoms. EW people will simply see this as a Wave 5.
I am looking for supportive price action around ~1118 which is a great support zone coming up.
I believe one should keep one eye on EURUSD while trading Gold right now.
As long as intra-day strength continues on EUR , the price action on Gold should stay supportive
Long 1137
Stop 1130
TP: ~ 1147-1155
