XAUUSD - GOLD - Weeky Bar Chart - Time at Mode Method

FX:XAUUSD   Gold Spot / U.S. Dollar
1300 9
XAUUSD appears to be working much more smoothly on the weekly bar chart and not as much on the daily chart .

See if you can follow the logic and notice that the downtrend reached it's measured move early in the decline.

The recent rebound in gold has been only up the resistance from "range expansion (Rg Exp )" but it is possible that XAUUSD will retest the mode up at 1290-1305. I also like that gold is above the 3 lowest weekly ranges, and especially that it is above the lowest weekly range (from 1223--1190), not much above though.

Tim 1:55AM EST 10/27/2014
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To quote myself above - "... it is possible that XAUUSD will retest the mode up at 1290-1305" - that happened with a high at 1307...
+1 Reply
Next week (week of Dec 21) is the 16th week and the week to expect a bottom. The decline has already overshot on the downside. Either way, this sets up a rally in late December and then confirming in January after 5weeks without a new low.
+1 Reply
Amazing, looking forward to it.
timwest IvanLabrie
It seems to be in place - grinding higher.
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I didn't explain how to draw the boxes on this chart: But I have explained on many others.
1. Start a trend once there is no new low for 5-bars.
2. Determine which price has the most # of bars at one price (the mode).
3. Draw a line across the mode. Count the # of bars. Label that # at the right of the line.
4. Draw a box around all of the price bars that touch the mode.
5. Copy that box and use it to project up (if the price is above the mode).
6. The price projection or the time projection is your targeted exit - whichever comes first. The trigger to "go with" the trend is when a complete bar is above the "mode" line.
7. Once the current trend is no longer making new highs (or lows), then start a new trend from the high (or low).
8. Donate 10% of your profits to charity.


10/27/2014 5:35PM EST
+2 Reply
niroola timwest
Would number 8 be pre-tax or post-tax? ;-p

Thanks for sharing these very valuable instructions Tim!
+1 Reply
I wouldn't think the tax would count as charity :p

Great charts and insights as usual Tim!
+2 Reply
timwest IvanLabrie
Thanks Guys @niroola and @IvanLabrie
timwest niroola
Gross profits @niroola
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