robertnoelburgess
Long

Price action from today indicates that Gold is ready to rally!!

TVC:GOLD   CFDs on Gold (US$ / OZ)
The Robert N. Burgess School of Analysis and Trading uses the Burgess technique to analyze charts to find trades. Using the Burgess Technique, price action creates form, which is subsequently clarified by analysis, of the effects from price change and volume . Often, multiple time frames, of different duration, are analyzed, to further clarify the effects of buying and selling, on larger time frames. Time frames are waves of buying or selling. As an example, intraday analysis may be used to clarify whether a short-term price action, contributes to the daily analysis , which may also complete a weekly analysis, suggesting a trade, which has odds to begin as a winning trade, and importantly, good odds of growing into a larger trade, which should create an exceptional risk reward profile. As the trade works, subsequent price action determines whether to continue in the trade. Additionally, the initial stop loss order is usually moved with the trade. Daily price action in Gold - today, Friday 10-16-2020 - suggests that today's low ended the selling pressure and has created higher support. Therefore, assuming next week's daily price action is up and creates the required risk profile, I expect to become a buyer of the the December Comex Gold Contract. The stop loss will be this week's low.
Comment: Gold Must Rally - now! Otherwise the market becomes vulnerable to renewed selling!!

Comments

Very interesting, the growth and form of the current price action completed a 2.0 growth of the first 328 point swing from 12/2015. Ideally a disintegration phase follows after a completion of a geometric growth. With that idea, which phase are you suggesting we currently are in, giving the high made at 2075
Reply
@Platinum14, I have traded for 50 yrs, but I am uninformed about your approach, so I should not comment. What I think is that the decline in Gold prices from the August high appears completed, which creates a Trade and trade is what I do. If you want to know who I am and understand more about what I do and how I do it, please read Modern Trader Magazine. In June 2016, they printed an article about my opinions on Gold and other markets. I correctly picked the bottom in Gold in December 2015. I remained long but closed the trade in June 2016 because I thought that the initial bull move had ended. It had. You will notice that when the article in Modern Trader was published in June 2016, I was "selling short" 30 yr T Bonds. It was their high. That trade ended at their low in October 2018!! Modern Trader published articles about my opinion on the Dollar Index in November 2016. I was bullish the Dollar Index until I reversed my position and sold short in January 2016. The Dollar Index tanked until February 2018. Additionally, if you can access the archives of Futures Magazine, you will find an article that the magazine wrote about me in their Trader Profile in October 1987. I had picked the recent 1987 high in the S&P 500 and sold short in expectation of "Black Monday." Their reporter, Susan Abbott, had been alerted to my opinions, by other traders, so Futures Magazine wrote about me. Since I am a "Private Trader," I usually endeavor to stay off the radar screen, so even with 50 yrs of success, I remain unknown, which has always been fine by me. Nonetheless, this could be "fun," but not if it interferes with profits!!
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