This chart shows GLD, the major ETF proxy for Gold prices, on a Daily timeframe.
Plotted on the chart are our SCMR Trends™, which accurately identify price trends and behaviors , and SCMR Dynamic Levels™, which dynamically plot support / resistance zones. Both are available in the TradingView App store.
Today is significant because after a lengthy decline in the price of gold, we see an "O" plotted under the today's bar, which shows a "Confirmed Upside Reversal". In breaking down the nuance of this, it's not saying price is in an uptrend yet (though it can certainly end up as one, indicated by green candles) but that the relationships between this bar and previous bars suggests that a reversal has occurred.
---> That makes this bar a good entry with a stop under the current bar low or last blue bar low.
I use the Dynamic Levels™ as targets and they are shown as well, 116 - 120 is a good first upside area for this rebound.
RISKS:
1.) Possibly that this reversal fails. In that case the software will update with an X, but for all intents, can just use the stop under range low to suggest the reversal is not happening.
Updating this trade, +$3 and change...can at this point move stop towards breakeven / $113 area. Gold has not been forgiving to the upside lately, getting even a few bucks out of a long in so many days isn't bad.
It covers all the bases in that -- either move up sharply, hit all my targets, or price consolidates, gets stopped out at at least breakeven, but at least it can form another long (or short) entry from that consolidation. So optimistically, can win in either scenario at this point
SPYderCrusher
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+2.70 actually, didnt intend to fudge the number with a round up
SPYderCrusher
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Well looks like GLD did hit target #1 today, but too late, likely would have been stopped out at breakeven (see above note where rec'd at least move stop to breakeven)
SPYderCrusher
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also, regarding my "Gold has not been forgiving to the upside lately, getting a few bucks out of a long in so many days isn't bad" sentiment...ain't that the truth! Best to get more conservative with very volatile instruments as they approach targets.
SPYderCrusher
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UPDATE: went to hit target #2 at 118.65, and later gave another good reversal signal to hit higher targets.
BitcoinMedusa
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Dear SPYderCrusher, I have reached out to you guys of late and if there is any time to devote to a meet and greet about a collab please contact me. You have my info here of course, but I also am on TeamSpeak. Thank you, ~Beauty
aziz92
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Hmmm... collab. aka, steal someone's work, attempt to monetize it, claim it as your own, big drama and banned from tv for yet another year. Sounds familiar?
It covers all the bases in that -- either move up sharply, hit all my targets, or price consolidates, gets stopped out at at least breakeven, but at least it can form another long (or short) entry from that consolidation. So optimistically, can win in either scenario at this point