Hello guys. Gold has created some decent buy setup with this High Low Close today. 1312,1310, has become very strong when we look at daily swing trading. Although we still have unreached target 1306 from dynamic cycle, it is possible it will not be reached, because of strong levels being at 1310,12 area.
Let's go by parts.
Daily market heading point is 1317, which is above Reversal point. And as well Market Heading point lowest point ( second red ) is 1312, that aligns with 1312 0% base. As well wave 6 TP1 is 1312. We are just at the bottom. And gold didn't enter new daily dynamic cycle ( needed close below 1312 to do it ) prnt.sc/cih1fr
Lets go further. Look at Temporary directions, Market sentiment, Trend identifier sentiment, S3 from Market Trend Pointer, look where they are. Breakout Targets, everything. prnt.sc/cih35v
I can go over and over again and open each tab, but I don't see need to do it. I am just sayong guys, that this is a decent buy setup. If I am wrong, that's fine, but I cannot resist and don't buy here. I just can't.
Be prepared for surprise spikes and stuff, but dirrection should be clear.
Trade with care! TPP
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All we need is to get over 21 and then 30.
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People please don't interpreter numbers directly how you see them. If it is 1.3179 it has to be read like 1317.90. It's just not re-programmed, I don't have time for that!
Trade active
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All my accounts have executed buys right on opening. Go for 1317, consolidate above 1315. Then break 1321, then 1331, and we should be good. You can say anything you want, that is is bearish or whatever. The thing is I don't care what you say, I care what my setup that I have faith in is saying. And even if I am wrong, that's fine, I tweak my strategy and make it better. It is how everyone should be working. Plan a trade, trade YOUR plan! Take care.
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Remember this one. Sell starting from 1315, as well from Breakout tab, and Signal generated by close. But it all has TP's around 12. from 15 to 12. It is not a lot. Let's keep going. We just need to get above 1315 and consolidate there.
We need MID to hold. So we don't even test that 1312,10 area anymore.
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For those who are emotional and scary ones, You can consider closing buy now in small profit! The problem is Wave 6 can send us down again ( :@ ) I didn't notice that to be honest, so I am sorry. If you want clear safe buy, do it above 1321!! But now we are in tricky situation because of wave 6! I am sorry for not pointing it out right away!
Gold is about to TAG market heading point. It is always heading to that level. So now we have to be carefull. MHI is decision point. Like I said. Close your buys, if you don't feel comfortable. We are above Reversal Point, but remember about wave 6. Suffer ends above 1321. Let's see what Gold decides to do from here. Decides to go for TP2 from wave 6, or meh..on it, and go up as dynamic cycle ( daily swing is suggesting )
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I just feel we should be ok. Too many levels against some couple small ones.
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It's time! Time to decide MHI taged! Either up, either down for wave 6. I give it 70/30 here.
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1315 1314 needs to hold. Then we don't see 1312,10. I don't believe in possible dump to 1306.. But still be prepared.. Gold is a monster.
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Reversal Holding. It can be huge pop upside at any moment. While 1315,14 holds.. If reversal does it's job here, Bears can have problems. No panic above 1310...
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Or it touches 1312 again and then the pop comes.. It is pbvious traders want history to repeat itself, gold go to 1302 again.. it can happen, or cannot so you just miss your entry.
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I think the wave 6 is taking it down, guys! Be carefull! Possible TG 1306 12,10 still in fight for 1306 to be seen. I don't believe it will Tag it, but be ready for that situation. I am holding Longs, and I am placing limit at 1306, just in case. Trade with care. Taking a nap.. Chart wil be the first thing I take a look at once I wake up!
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Will the MID hold here?
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I cannot bvelieve that just one wave 6 will take it down more.. it is interesting how sometimes levels work out.. I opened hedge sell here guys. I still hold the long and will hold it. If wave 6 takes it down to 1306, I have more buy waiting there. It is stupid sometimes..
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Good Morning. Well I warned u guys. It was looking sketchy. Damn it.. Just a single Wave6. I hedged very fast, it's all good.
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For those who PM me hate. Say me one thing that I did wrong or didn't tell you? Go thru Updates on this idea and read!! I pointed out each scenario! I even said you all who can't handle heat, close the buy in profit when it Taged MHI 1317. I said you all that be prepared for wave 6 1306. I pointed out every possible scenario. Before you write me bullshit, show me what is on your table. Show some respect. We will see Gold raly and you won't be able to react properly, and all your shorts will Stop out. I hedged this trade. I closed Sell in Big plus, and my buy limit at 1306 is triggered. Read thru the Idea and updates before you even talk.!
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Gold has taged the last TP2 from wave 6 now. It is possible we see 1303, from AFT signals section as a TP. I don't see Gold breaking lower today. I think this is it. You wanted your Hisotry to repeat itself, now you got it. Be cautious! Gold can be Fast and Furious from now on! I will wait for Close price, but if this Low remains for today as 1306, Gold didn't enter new cycle.
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And for some other Individuals. Gold is not 1:1 correlated with DXY. If you see DXY breaking out and going up, it doesn't 100% mean that Gold will dive! It is not always 100% 1:1 correlation! Gold can be muted on that as well! Monday we hd falling DXY, why didn't you long gold? Oh because it was falling as well yes? babypips.com...
Hi TP, If you start a trend line on 12/30/15 which then kisses the low of 5/31/16 it leads you to about 1308 today, which is on the bottom BB 2SD. As for support there seems to be good support at 1304, and the bottom of the BB 3SD is 1295. Although the last week we have been bucking up to the 20d MA, I would think we will not start moving until Yellen confirms no rate hike. So from a timing perspective I would think to begin taking a position next Wednesday before Yellen speak. What do you think?
TheZabisyu
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I don't trust in trendlines bro. When refering to trend lines TF is Very vital and should been taken into account.
That's just me.
Anyway, I am not a holy grail. I just trade what I see.
Yellen is good, but still If techs suggests me to buy now, I do it now. 10-15$ dollar move up and down, doesn't require yellen to speak. But when she does, then yes, we will have some nice huge move!
Cheers man!
TheZabisyu
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Its all about Timing, when trend line is working or not, and on which TF trend line should be considered at the given time. Cheers.
pugpack
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I agree, thanks
albertwt
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@TPParadigma, So do you think it will be bearish movement until the end of this month ?
TheZabisyu
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No! Why? What make you think I am thinking so?
albertwt
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Because it seems that it falls below the white resistance line ?
TheZabisyu
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It just completed the last TP from wave6 Couple $ move man!!