The chart speaks for it self. We are around a very strong support level, i assume Gold will make a higher low again at the purple trend line. In combination with the wedge, everything falls in to place. So a very good risk reward here. I told my followers in my BTC analysis about his trade earlier today, i was not able to post it here. But i think there will be another chance IF price pulls back to retest the support and make a higher low.
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So price dropped again towards the entry level but i kept on dropping. So fra it looks like a failed breakout of the wedge. Still big support area around these levels. A few weeks ago we can see a similar move, so there is a chance it just goes up from here, but it has become very risky now. I have decided to close half with a small loss and moved my stop for the remaining half towards the 1310
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This trade did not work out, closing half and moving the stop to 1310 worked out, price found support there and went up 10 points, but only to drop below the stop again. Now it's starting to look better now, it is finding good support so far on that green area level around 1300. Looks like an inverse H&S in the making.
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I just went long at 1309 with a small position so i can place my stop just below the 1300
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So far so good, there is some resistance at 1314/1315 but the biggest challange will be that blue area and that purple trendline. I am almost ready to move up my stop to reduce risk since i am up 4 points already
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Looks like it made a small triangle, 75% chance we break upwards
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I have moved my stop towards my entry level for a free trade. Around that green support level
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Broke upwards like i thought it would, target is around 1316/1318. Here i will close half and i will let the rest ride with a stop at entry level
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Half is closed now at 1318, keep the rest an entry level and i will let it ride
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So it went through the stop for the reaming half. Was looking good, but seems that purple trend line is still a big resistance level. Still 9 points profit (for half the position) on this last trade
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Still hanging around this level. The chart is more bearish than bullish now, even thought it's still above support level, but it can push through the 1315/1320. What i am going to say is not based on TA, but a few analysts here who are convinced we will drop even more. Similar thing happened half year ago an a very clear bearish pattern, but we had the biggest rally in maybe 2 years :). Not saying we will see a rally, but i think we will go up from here. Not trading it, just mentioning it to show how markets work
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Looks like a breakout is coming this time, still allot of resistance, but big chance this attempt will succeed, looks like a strong bull flag this time
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Perfect breakout, went up just like i said :). Again, was not based on TA (only that bull flag of course). But going against the trend, was based on other signals. this is to show you how markets work, at certain moments they just do the opposite of what should happen. Why??? Because traders like us or not meant to earn money on financial markets.