Your long orange trentline is in the wrong spot you must include the 13 juni red candle because you would have done that on the 17 juni. now you have the 3 conecting spikes you need to make the trentline valid. then you leave this trentline alone don't move it anymore. now you would see that gold has broken through this trentline by 4 or 5 days. before 4 august the trentline was a resitance line, now it is acting as a supportline and this supportline is called a bullish divergence. untill ofcourse it breaks through this line again. Conclussion is that at this moment in time it is to early to tell which way it will go. when the macro economics are going to be bad and the fed hikes rates by 1% gold will break out to the upside, and visa versa , good economics not a high rate hike gold will go lower and stocks and crypto will have their rally.
my tip to everybody is never move astablished trentlines, you leave them alone. they act as a play like in American football, the play will begin and after passing of time the play will end. Some trentlines will be of great importence because they represent the total Game, finding these is what you should do because now you can see the BIG Picture and will make your trading of any asset easy.
have a nice sunny day
ArminYousefi_Trading
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@zonnies hello dear friend, I believe that you made some mistakes; the chart was talking obviously based on my strategies
zonnies
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@ArminYousefi_Trading, hello dear friend, yes I knew that. but you aked; "what's your idea ?" So I gave you mine. I am trading gold since 1985 and I just looked at your chart and looked at mine and just noticed your orange long trent line was in the wrong spot. in your drawing it is still functioning as a resistence down line with bearish sentiment and at the moment it still is a support down line with bullish sentiment, untill it breaks ofcourse. I gave an answere to your qeustion and in the same time it was for educational purposes on charting an asset, so no mistakes here my dear friend.
ArminYousefi_Trading
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@zonnies thanks, I appreciate it … but the point which I believe is that , we may have different trend lines at the same time and most of them are correct; the point is that which one of them is seen by more people , it’s not important which one is more correct… because this market is moving by people’s action not , theorist’s idea …
About your trend line , i also saw it before publishing my idea … but in my strategy if we still have a lower high and also have divergence , after a breaking trend line, that trend line is not my choice.
Any way you spent more time on Gold , so i thank you for sharing your idea
zonnies
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@ArminYousefi_Trading, thanks for answering, I am glad that you saw my trent line as well. But here it becomes interessting you got an idea, at this point you left the charts TA. Now your chartlines becomes a reflection on your idea not representing the TA of the market. I have learned TA from my economics proffessor back in the eighties a couple of very easy to follow rules. 1. keep all of your emotions out of the charts and trading, even simple emotions like O I like this or This looks Nice ect. 2. Keep all of your ideas out of the charts because it does not represent the market. 3 As soon as you can make a Trent line or a Chanal or a Wedge or what ever you do not ever move it again until the play and Game are over. I retired at 40 and I have my teachers to thank for that, because I listened and got my silly old ME with his ideas out of the way. Thats what the big ones mean when they are telling that only 2% out of the 100% become succesfull. Getting yourself out of the way, very ease to say but very difficult to do.
Your long orange trentline is in the wrong spot you must include the 13 juni red candle because you would have done that on the 17 juni. now you have the 3 conecting spikes you need to make the trentline valid. then you leave this trentline alone don't move it anymore. now you would see that gold has broken through this trentline by 4 or 5 days. before 4 august the trentline was a resitance line, now it is acting as a supportline and this supportline is called a bullish divergence. untill ofcourse it breaks through this line again.
Conclussion is that at this moment in time it is to early to tell which way it will go. when the macro economics are going to be bad and the fed hikes rates by 1% gold will break out to the upside, and visa versa , good economics not a high rate hike gold will go lower and stocks and crypto will have their rally.
my tip to everybody is never move astablished trentlines, you leave them alone. they act as a play like in American football, the play will begin and after passing of time the play will end. Some trentlines will be of great importence because they represent the total Game, finding these is what you should do because now you can see the BIG Picture and will make your trading of any asset easy.
have a nice sunny day