Look how accurate the TD Sequential indicator has been on calling daily red 9's at the bottom of a down trend. Almost every bottom reached over the past 2 years was on a red 9. Simply amazing how accurate this system can be.
Now the bad news is that we've just started a red 1, which could potentially lead to another 8 days of downside until we get a red 9. The good news is that we've just finished on a weekly red 9 candle, so what the bulls want to do is to start a green count to the upside. If we get a green weekly 2 trading above a green 1 (for now i've disabled all numbers except 1 and 2 because it was cluttering the charts) , that would signal the possibility for a reversal. But I am still very cautious because the daily time frames have proven to be the most accurate at calling the bottom.
I have drawn a second trend line in blue. What I would like to see is another 8 days to the downside that stays above this line, which would give us our red 9. Then it's up to the bulls if we get a reversal from here. For now the green trend line is holding, and the stock market is showing some signs of temporary weakness so we could still see a reversal from this point. Personally I think we still have a bit more to go down, but I am still looking for a good buying opportunity between both the green and blue trend line. However, the 50 and 200 Day MA have just had a death cross which is pretty bearish, and the last time that happened we dropped 10%. I remain very cautious for GOLD
Good luck trading out there, hard one to call here.
Now the bad news is that we've just started a red 1, which could potentially lead to another 8 days of downside until we get a red 9. The good news is that we've just finished on a weekly red 9 candle, so what the bulls want to do is to start a green count to the upside. If we get a green weekly 2 trading above a green 1 (for now i've disabled all numbers except 1 and 2 because it was cluttering the charts) , that would signal the possibility for a reversal. But I am still very cautious because the daily time frames have proven to be the most accurate at calling the bottom.
I have drawn a second trend line in blue. What I would like to see is another 8 days to the downside that stays above this line, which would give us our red 9. Then it's up to the bulls if we get a reversal from here. For now the green trend line is holding, and the stock market is showing some signs of temporary weakness so we could still see a reversal from this point. Personally I think we still have a bit more to go down, but I am still looking for a good buying opportunity between both the green and blue trend line. However, the 50 and 200 Day MA have just had a death cross which is pretty bearish, and the last time that happened we dropped 10%. I remain very cautious for GOLD
Good luck trading out there, hard one to call here.
Comment:
The price is currently at the Bear Flag target zone, which meets perfectly with the 0.786 line. Given how reliable the sequential system has been on red 9's, I am still waiting for this to signal a bottom. RSI is in oversold territory, which leads me to anticipate for a bounce soon. Hopefully we can get a strong bounce of a 9 with an oversold RSI , whilst staying above the blue trend line . This would give me confidence entering a position. An aggressive trader could start to scale in at this point, but personally I am waiting to see what the price does over the next 4 days.
The price is currently at the Bear Flag target zone, which meets perfectly with the 0.786 line. Given how reliable the sequential system has been on red 9's, I am still waiting for this to signal a bottom. RSI is in oversold territory, which leads me to anticipate for a bounce soon. Hopefully we can get a strong bounce of a 9 with an oversold RSI , whilst staying above the blue trend line . This would give me confidence entering a position. An aggressive trader could start to scale in at this point, but personally I am waiting to see what the price does over the next 4 days.
Comment:
Looks like GOLD -0.46% will be ready for a bounce soon. We're about to get the 9, RSI is clearly oversold on the daily and we're just hovering above the blue trend line . Now whether this bounce will lead to a trend reversal is anyone's guess so I will be watching GOLD -0.46% carefully over the next few days.
Looks like GOLD -0.46% will be ready for a bounce soon. We're about to get the 9, RSI is clearly oversold on the daily and we're just hovering above the blue trend line . Now whether this bounce will lead to a trend reversal is anyone's guess so I will be watching GOLD -0.46% carefully over the next few days.
Comment:
It looks like Gold 0.80% has bottomed and is reversing for now. We broke out of the symmetric triangle which formed over the last few days and have made a decent move to the upside. This has been the signal I have been waiting for to go long. I missed the buying opportunity last night however as I was asleep, but I will be looking to add a position once the RSI has cooled off a bit.
It looks like Gold 0.80% has bottomed and is reversing for now. We broke out of the symmetric triangle which formed over the last few days and have made a decent move to the upside. This has been the signal I have been waiting for to go long. I missed the buying opportunity last night however as I was asleep, but I will be looking to add a position once the RSI has cooled off a bit.
Comment:
We have dropped down substantially so no trade has been entered. It looks like GOLD is struggling to bounce so there's a chance we will drop down further from here.
Weekly timeframe. Do we get a reversal here? Not sure we do as the weekly 9's havn't proved as accurate as the daily.