When an instrument is trading at prices last seen in Sep 2011 and your bias is bullish, caution is surely called for. Yet it is difficult to be anything but bullish in Gold. A corrective structure has formed at the top of a bullish move and it is likely that bulls will regain control. I will exercise caution however and not even consider taking a trade anywhere in...
When a corrective structure forms at the top of a bullish move, it is likely (not certain) that another bullish move will ensue. Initially, the consolidation was between 8600 and 10,000 level but since June, the range seems to have narrowed a bit to 9,000-10,000 range. My expectation is that this narrowing or squeeze will continue to tighten the range. We will see...
1. On the daily chart, note at least 4 recent attempts to go above 114.600.. all failed. In fact you would need to go back to Oct 2018 to see higher price. Now on the H4 chart: 2. Price moving perfectly within a descending channel. 3. A sequence of lower highs and lower lows has been forming over the last 7 trading days, while price has respected the channel all...
The weekly chart highlights the descending trendline and a significant s/r level around 0.6600. This confluence brings the possibility to short the pair with a good potential R/R. In the daily chart we see a pretty strong impulsive bullish move followed by 2 days of indecision. Trade execution would be best done by following price action on H4 time frame. If...
I am not a frequent user of patterns, but this does look like a perfect bearish flag. Unlike the previous down moves within this channel, this one looks more impulsive for the most part. I think, this time price will break through and continue the prior bearish move. For final target we should be looking at 0.83 area while at 0.86 a review and reconsideration...
This pair made an all time low at 0.660 in March 2020 and then started a slow grind to the top as the monthly chart shows. The price action on the daily chart is contained within a channel. The potential to the upside is huge while a run to the lows is possible too. Price is at the bottom of this channel and an attractive place to test PA with a small trade...
A great place to short this pair would have been at 1.1350 when the pair was rejected at the top of the channel. But I am still interested in taking a short now. The resistance above current price at 1.12580 should hold. A small bounce up on Monday will further improve the R/R. I believe that targeting 1.100 is realistic that could be achieved within the next 2...
Nothing is 100% in trading but in my opinion, this pair could be turning bullish. A break above 1.3980 and then above 1.4030 will provide a level of certainty to this view and conservative traders can wait for such "confirmation". I am a bit more aggressive and would like to go long if we get a pullback to the upward sloping trend line. In that case the stop can...
I posted last Sat. about this pair possibly reversing. The reversal did happen without threatening the recent top. PA has been kind of choppy but grinding lower overall. Not much ground was covered the entire week, but nothing changes my bearish bias. I closed my short on Fri but will be looking to enter again. I still believe that both targets will be...
Trading reversals is not easy, provide a reduce win rate too, but this one is worth considering. The daily chart shows a narrow band between 0.8780 and 0.8800 has held price for several months. Price action over the past 6 trading days clearly shows the inability of bulls to break above this zone. The H4 chart shows this more clearly and I intend to take a short...
After a strong bullish move during the last week, this pair does need a breather and I am expecting a retracement soon. The bulls however seem to be in control, so I don't think that they will yield much ground. Perhaps price may get to 137.150 region before resuming its upward journey. I will be watching PA on H4 and H1 time frames to gauge what is going on. I...
The aussie has had a good run up, but it seems to me that it is now, running out of steam. On the H4 charts of AUDJPY and AUDUSD you can see a topping kind of price action. AUDCHF and AUDNZD may have turned around already. The AUDCAD daily chart shows the significance of 0.9370 area and price being rejected there for a second day in succession. Price action on...
This pair, in the short-medium term is bullish even though it has been in a range recently. The 1.2500 area has been holding the bears. I would consider going long if price gets there. If you like the simplicity of my analysis, please give it a "thumbs up" and follow me to get immediate notifications. As always, please use sound money and risk management in all...
The chart says it all!! If you like my analysis please give it a "thumbs up" and follow me to get instant notifications. As always please use sound money and risk management in all your trades.
This trade is not ready just yet, but it should set up some time during the week. The pair has been ranging since mid April but the preceding trend was clearly bearish. In such a scenario, a bearish continuation is the more likely trend. However, I would love to see price reach the top of the channel before that happens. Taking a short at 1.8820 would not require...
Gold has been moving in an ascending channel since mid April and I am looking for a possible entry near the bottom of this channel. The nearest target I see is in the 1779 region. My ideal co-ordinates are; Entry - 1706/1707 Stop - 1684 Target - 1778.50 If you like my trade ideas, please give it an "thumbs up" and follow me to get instant notifications. As...
Gold and Silver are obviously in an uptrend, but IMO it is the latter that may provide a better trade. However there is a problem with R/R at current price. The stop must be below Friday low and since there is support nearby, it will have to be below 16.60 level. I will be watching PA next week and if we get a retrace down towards the support area, I will be...
The value of Palladium has been declining for several months and I see now another good opportunity to short as price seems on the verge of breaking through the support at 1947 area. I am interested in taking a short, with stop above 1983 to target just above 1780. The R/R justifies this "with trend" trade. The memorial day holiday in the US will mean rather thin...