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This is where we stand at the moment. We don't think Gold is done with the flush as yet. Next week we may turn bullish short-term but we have a target lower down which also coincides with the potential 1H trend its in. Lets see where we close today.
We didn't trade today, we'll wait until Monday before getting back into the markets.
Wishing everyone a great...
We seem to be inside a descending triangle on the M30 chart. This kind of pattern is most of the time a continuation pattern which should mean the price will continue down. However, even though we can see sellers are strong in this range, they are failing to break the triangle bottom resulting in the triple bottom on the 1H timeframe.
We're keeping an eye on...
Daily. We have to be really careful here and make sure we don't get stuck the wrong way in a new short-term trend. As you can see on the hourly we have a triple bottom, we're also at the bottom of a long-term trend on the daily. A technical retracement is due but this is Gold we're talking about so it can really shake traders out. This would be the ideal...
We're facing strong support here around the 1710-08 level. Its also a very recent triple bottom so it looks like at some point the price is going to try and test the resistance levels above.
A good sign is that Gold closed below 1720 which maintains negative pressure. However, that is still a resistance level that needs to hold. We have a lower target now of...
We're waiting for the 3pm candle to open. Hopefully we get a bit of a retracement to give us a good entry for this trade.
We'll take it in two stages, first TP at next support where we'll take 50% of the trade and move the stop to just below our entry. Will let the rest run.
Keep an eye on this level. There's a chance it can break up if we don't get a good bounce off. Level above is around 1745 and then 1750 which is a key level. Breaking and closing above 1740 is a sign we are going a little higher.
Looks like we're going to range here for the rest of the day. We're waiting for one of these levels to break, our bias is to the downside based on the 4H chart where we're expecting a test of last weeks low. We'll look to test the long from around that region.
As always, trade safe.
If this channel is valid then we’ve broken back within it. That would make the break up around the 20th an FBO or a bull trap. We can see that liquidity area above and now there’s demand below around 1665.
Again, on this chart we would expect a short spike down at some point and then a resumption of the retracement.
Having said that…..Gold is not giving...
Clean break of the symmetrical triangle. Now what we don’t know is if the 1816 level was the retest of the break and couldn’t be sustained. If not, then that is a possible the we will revisit the 1820-30 level as a possible target for bulls.
This area is of interest to us on the daily chart as it presents an ideal short opportunity for lower price levels. ...
We’ve approached a key juncture here, it’s the bottom of the trendline on a long term timeframe so we would expect there to be a lot of buyers entering the market here. We’ll look at the shorter timeframes to get a clearer picture but we see a high possibility of the price retracing back up a little to our key resistance levels. We wouldn’t be surprised to see a...
If you look back at our previous posts and charts you'll know that our target for the last few months has been 1750. We managed to trade this all the way down from the low 1900's and now we're closed for the month.
The chart trend is broken, we're looking for this to settle now to see where we're going next. It seems gold is still not done with the move down,...
We're expecting our long awaited target of 1750 as our first stop at some point today, the price looks like it can go a lot lower if this level doesn't support.
We're waiting for a small retracement towards 1770 to scale in and then potentially 1784 for our next short entry. Dependent on the target not being reached beforehand. ...
Thats the test of the low and the former pattern, should complete around 1770 and support there. Likely we'll get a retracement tomorrow or into the US close. They've been flushing gold and we don't think they're done yet!!
Keep an eye on the levels. Trade safe.
Support - 1770/1762
Resistance - 1783/1783-5
We're waiting for the next candle to open and a retest of the 1784 level. We may test the long here back up towards 1797. All based on successful support below. Using a small lot here with a tight stop. If the level breaks the next support below is around 1772.
So this is what we're looking for. For a push further down towards the 1770 level we want the price to go up first and resist at the 1800-1805 price point.
For a move up, we want it to test the low, fail to break it and then go back up, its likely it will break the 1800 level and push up towards 1820-30.
Its already tested a pattern neckline down below, theres...
We took the short earlier, pip-to-pip capture. Please see the linked chart.
Now we're looking for support below on the retest of the level. If it supports we'll test the long trade to target the above level. We're still overall bearish in this market, however, we'll take the trades when the opportunity presents itself.
Most probably no more trades for...
Following on from yesterdays chart. We're looking for the price to come back towards 1788-85 levels before we decide whether to take the long to target 1820. We're scaling in, ideal entry for this trade would be around 1810.