XAUUSD-If you missed silver dont miss gold

FX:XAUUSD   Gold Spot / U.S. Dollar
1459 15 18
Seems today silver             started the long awaited rally.

If you missed the entry you can still long gold             using this setup on H4 chart.

As always, do your own analysis and plan before opening a real trade.

I think now is the time to make the long trade, I have waited for this all day long.
Koryphaeen PRO Koryphaeen
Here the idea I published for entry, S/L, TP etc.:
FullTimeTrader Koryphaeen
Nice setup, could work fine. Your SL is good enough also to give price space because of market volatility.
+1 Reply
Koryphaeen PRO FullTimeTrader
I expect a rally, which indeed is happening right now, let's hope it's not a false one. Anyway, I expect a rally for the gold. In the last instance, if price action will move against us, i will hedge this trade before it will finally bottom, but I think it will not be needed.
+1 Reply
Koryphaeen PRO FullTimeTrader
A quick update, I took my profit out because of that nasty symmetrical triangle consolidation that took place. I will reenter position at breakout and retest, either up or down.
+1 Reply
Market just broke it's previous structure support (HL). Gold very much likely to go lower from here.
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FullTimeTrader moneymaking
My invalidation point is last D1 lows, the lower price retraces the better. We have also the trendline support shown above by LightHouseKeeper. Agree, tricky to find an entry point.
Damn, gold just pouring down like a waterfall. Have to look at it from a different perspective now.
+1 Reply
What's the context of this impulse up? Ending diagonal thrust?
I don't think that your wave i is correctly proportional in time vs wave ii (more than 3 times size, = not same structure/degree). Wave iv took less time than iii.
Not attacking, just my opinion on the count. I'm not an expert, but I'm also not using EWI school EW. (Constance Brown does mention time proportion though, I guess EWI would too)
Silver does look good though. Specially if you chart it using the SLV chart data (leaves out overnight, outside NY session bars) or just using daily bars high and low in order (lots of lower liquidity intraday noise, doesn't necessarily represent the correct wave count, at least according to Glenn Neely's methodology).
+1 Reply
FullTimeTrader IvanLabrie
No problem, i consider respectfull ideas all the time and always opened to new ideas, just i do not use to falling in debate and express my point of view one time. Your concepts are interesting but never heard about them. The concept of proportion or "right look" is just a guideline in EWI. In general, time is considered "not as reliable as price" but its worth to consider also as additional information. As long as all rules and guidelines are respected a count is valid until proven otherwise by price. This is my prefered count now, the invalidation point is last lows, price could retrace more deeper and i will be prepare to long again. If its violated i will consider other options. Regards.
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