Gold - Trading Range or Trend Continuation?
Hi everyone :)
Please look at the left side charts only.
The Daily shows a possibility of a Trading Range, with also a possibility of upward trend continuation.
Smaller Time frame (bottom left chart). We are at a critical point where we'll see whether price will drive up with buyers entering the market. Especially since we've completed a 2 legged ABC correction.
Or we may break the uptrend line (shown on the daily chart aswell) and come down to the bottom of the trading range.
There has been a fair amount of wicks, dojis and indecision in the recent past which suggests some indecision between buyers and sellers.
We'll soon see if there's a stronger conviction upward from the market or an indecision in the market.
I'm leaning more towards a continued uptrend especially after completing our 2 legged correction.
Even if we fall, the major uptrend is still in tact and we'll most likely fall to the bottom of the trading range in that case before buyers hold that position strong with buys.
Please look at the left side charts only.
The Daily shows a possibility of a Trading Range, with also a possibility of upward trend continuation.
Smaller Time frame (bottom left chart). We are at a critical point where we'll see whether price will drive up with buyers entering the market. Especially since we've completed a 2 legged ABC correction.
Or we may break the uptrend line (shown on the daily chart aswell) and come down to the bottom of the trading range.
There has been a fair amount of wicks, dojis and indecision in the recent past which suggests some indecision between buyers and sellers.
We'll soon see if there's a stronger conviction upward from the market or an indecision in the market.
I'm leaning more towards a continued uptrend especially after completing our 2 legged correction.
Even if we fall, the major uptrend is still in tact and we'll most likely fall to the bottom of the trading range in that case before buyers hold that position strong with buys.
Comment:
POTENTIAL bounce here
Comment:
Looks decent so far. Wanting to see more buyers entering too for an even stronger confirmation.
Comment:
If the 30minute closes strongly then it's a good buy
Comment:
30 minute didn't close strongly. Price now falling.
Price also breaking through the uptrend line. If this is to turn to a buy, want to see a strong 30 min or even 1 hour candle for entry.
Otherwise we may be going down to the bottom of the trading range zone.
Price also breaking through the uptrend line. If this is to turn to a buy, want to see a strong 30 min or even 1 hour candle for entry.
Otherwise we may be going down to the bottom of the trading range zone.
Comment:
We are in a 4 hour reversal zone. Looking for strong closes on the 1 hour, 30 min, 15 min charts
Comment:
Rejecting off the reversal zone. 15 minute strong so far but needs another 5 minutes to close. then it wil be a decent buy. If the 30 min closes strongly too then that's a better sign if you wish to wait. But remember that there's 19mins left of the 30 min and 49 minutes left on the hour. This could go up like 100 pips or so if you do wait. That's the thing.
However let's wait until the 15 minute closes first.
Then you can decide. Another thing you can do is wait for the 15 minute to close and then buy on the next strong 5 min candle after the 15 minute to add more probability.
Buying on the 30 minute close is more ideal, only 17 minutes remaining.
However let's wait until the 15 minute closes first.
Then you can decide. Another thing you can do is wait for the 15 minute to close and then buy on the next strong 5 min candle after the 15 minute to add more probability.
Buying on the 30 minute close is more ideal, only 17 minutes remaining.
Comment:
Good buy if 30 minute closes like this
Comment:
No follow through buying.
1 Hour switched to a wick and doji at the moment. Price could still turn as this might turn into a pullback on the shorter time frame. We'll have to wait. In these situations, the higher time frames are the best bet to trade so that you can remove as much noise as you can.
1 Hour switched to a wick and doji at the moment. Price could still turn as this might turn into a pullback on the shorter time frame. We'll have to wait. In these situations, the higher time frames are the best bet to trade so that you can remove as much noise as you can.
Comment:
As long as price is still above the bottom of the wick on the 4 hour, a potential uptrend is still valid. If it breaks below and closes then a trading range (on the daily) is likely.
Comment:
Buyer's coming in :)
Comment:
Looks a buy! If the next 4 hour candle closes bullish too it's a great indicator!
