jangseohee

Last bull @1180 was knocked out or false break down?

COMEX:GC1!   Gold Futures
69 6 1
Last bull standing guard @1180 choose to join the bears!
1180 has swapped the role as resistance guard.
Using Fibo, there is a possibility that gold             future drops to around 1141 before a rebounce to re-test 1180


P.S. Projection shows "theoretically" that price could get as low as around 940 in time to come or could it just be a false breakdown to clear the bulls?
If there is no convincing price reversal on Monday back above 1180 then I think the price breakdown will be confirmed
Reply
jangseohee PeterBourne
You have a point too!
However, because of the fact that more & more traders are using TA to trade, so i wont rule out the slim possibility of a false break down to take a few more bars before breaking back the 1180 resistance.
Reply
PeterBourne jangseohee
Its the floor traders that know where all the long(or short) stops are placed by looking at the charts. They know most if not all the off floor traders are using charting so they try to run those stops forcing out the longs (or shorts) . Whenever you see a price reversal around a support or resistance level, this is what has happened.
Reply
jangseohee PeterBourne
Your have a good psychological understanding of the S/R line. The 1 tick above or below S/R line textbook trading method is being exploited by the "floor traders/Commitment of Traders/large speculators" to scare the weak heart :-)
Reply
Using regular TA the target for that breakdown if it plays out is 830 area. That is very long term though
Reply
Yup, at least another year or so at minimum
Reply
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
SV Svenska
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
HE עברית
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out