The one and only chart that really matters: WEEKLY
Try to think and plan for longer term. Try to view things with a strategic approach. If you don't let market confuse your mind with lower (below daily) time frames, but instead you look at the big picture, and you check Weekly, you'll quickly realise the only thing you have to think about is when and what level to buy more Gold!
Weekly:
- Ichimoku setup is bullish. Price is above Kumo and 100WMA, Tenkan is also above Kumo. We need one more strategic confirmation: Chikou Span to cross above past Kumo. This will happen in case spot price moves above 1235 again.
- Sine Dec/2012 this is the first time EWO moved to stable bullish territory.
- Heikin-Ashi candles and haDelta show that the noise filterred price action is in fact a pull back only. Watch weekly haDelta! It started to bottom out slightly below zero. haDelta will signal the counter bearish momentum loss and possible start of next bullish wave in time.
- Supports: Tenkan - 1203 / Spot Kumo - 1185 / Kijun, 100WMA and forward Senkou B - 1168
If you look back in time, you will realise that whenever Gold made a reversal and a break above weekly Kumo and especially above 100WMA, it stayed above these long term averages for very long time: that means we have to assume the same this time, until Price is above Kumo and 100WMA, we have to consider the long term strategic setup and trend as BULLISH.
Daily:
From now on, you can use the lower daily time frame to get more precise entry and exit signals. Whenever the daily coincide with the weekly, the two time frames swill strengthen each other, and odds will be in your favour. How does it look right now?
- Ichimoku setup moved a bit to neutral from strong Bullish: weak bearish Tenkan/Kijun cross, and Price is below Kijun. Kumo also shades Price ahead. However not bearish until Price holds above 1185. The upper Key level for bullish continuation is clearly at 1244. A close above Kijun and forward Senkou A would accelerate buying again.
- EWO is down to zero: neutral, no trend wave
- Heikin-Ashi has slight bearish bias, but in fact candle colours have been changing often recently and also haDelta just hovering around zero. I rather see it as indecision: Bears don't like selling here, Bulls are not very comfortable with buying either.
All in all the daily time frame is a big neutral noise, let's call it a consolidation period.
What startegy should we follow? Buy. Buy either if you see a bullish signal at above mentionned supports (1185-1205 should act as strong one), or buy if you see momentum, a price close above 1144.
That's it. Looks pretty simple to me.
Weekly:
- Ichimoku setup is bullish. Price is above Kumo and 100WMA, Tenkan is also above Kumo. We need one more strategic confirmation: Chikou Span to cross above past Kumo. This will happen in case spot price moves above 1235 again.
- Sine Dec/2012 this is the first time EWO moved to stable bullish territory.
- Heikin-Ashi candles and haDelta show that the noise filterred price action is in fact a pull back only. Watch weekly haDelta! It started to bottom out slightly below zero. haDelta will signal the counter bearish momentum loss and possible start of next bullish wave in time.
- Supports: Tenkan - 1203 / Spot Kumo - 1185 / Kijun, 100WMA and forward Senkou B - 1168
If you look back in time, you will realise that whenever Gold made a reversal and a break above weekly Kumo and especially above 100WMA, it stayed above these long term averages for very long time: that means we have to assume the same this time, until Price is above Kumo and 100WMA, we have to consider the long term strategic setup and trend as BULLISH.
Daily:
From now on, you can use the lower daily time frame to get more precise entry and exit signals. Whenever the daily coincide with the weekly, the two time frames swill strengthen each other, and odds will be in your favour. How does it look right now?
- Ichimoku setup moved a bit to neutral from strong Bullish: weak bearish Tenkan/Kijun cross, and Price is below Kijun. Kumo also shades Price ahead. However not bearish until Price holds above 1185. The upper Key level for bullish continuation is clearly at 1244. A close above Kijun and forward Senkou A would accelerate buying again.
- EWO is down to zero: neutral, no trend wave
- Heikin-Ashi has slight bearish bias, but in fact candle colours have been changing often recently and also haDelta just hovering around zero. I rather see it as indecision: Bears don't like selling here, Bulls are not very comfortable with buying either.
All in all the daily time frame is a big neutral noise, let's call it a consolidation period.
What startegy should we follow? Buy. Buy either if you see a bullish signal at above mentionned supports (1185-1205 should act as strong one), or buy if you see momentum, a price close above 1144.
That's it. Looks pretty simple to me.
