2lalit
Long

The First Stage Of Fit And Proper Test Runs Very Tough

FX:XAUUSD   Gold/U.S. Dollar
217 1 5
"THE FIRST STAGE OF FIT AND PROPER TEST RUNS VERY TOUGH, BUT OVERALL THE RESULT WAS VERY GOOD"

The first phase of the "Fit And Proper Test" on October 10, 2014 which is being undertaken by the youngest look so tough, but it shows that The Youngest so persistent             in the face of the Fit And Proper Test. It looks at the trading session of 10 October 2014, the price goes flat in between $1,225 - $1,217. If I may say, that the result was very good.

Why do I say that this is a Fit And Proper Test for The Youngest ?

Let's assume, that the candles in Daily Time Frame on October 9, 2014 is a candle that tend to perform a reversal downward, after testing the Down Trend Line (dashed black line) at around $1,233 (https://www.tradingview.com/v/kvD7BkSh/). Perhaps candle on October 09, 2014 will be a very perfect to forming a Shooting Star , if the movement on October 10, 2014, can move maximum under $1,215, which could then generate a decline again.

And secondly, why do I say that The Youngest so persistent             ?

Although in the trading session October 10, 2014, The Youngest has not been able to solve $1,233 and the price tends to go down, but the price movement can survive to move consistently between $1,225 - $1,217, so in the Weekly Time Frame formed a candle Bullish Engulfing or a Key Reversal which is technically is a signal of "Follow Through ".

Now let's look at the comparison between the date of 2013             .09.29 (week 3 after $1,525 damaged) by 2014.09.29 (week 3 after $1,240 damaged) and 2013             .10.06 (Week 4 after $1,525 damaged) by 2014.10.06 (Week 4 after $1,240 damaged) on the Weekly Chart above, it is clear that it shows the INVERSE, which indicates a potential change in trend.

And last, The Youngest might be able to pass $1.240, because there has been a pullback around $1,240 on the date 2014.09.22 (week 2 after $ 1.240 damaged), which is based on a message from The Youngest, that it shows the position of The Oldest was already weak to seek the Next Lower to around $1,000.

At least, with the emergence of a "Key Reversal" on the weekly time frame with legs slightly above the $1,180 Extremely Critical Support, then estimated in this week, the price is estimated to have moved above $1,240 or at around $1,260/70.

I can only wait and see until the end of this week, whether my analysis is right or wrong, because this is only an estimate according to my view point.


From The Desk Of A Newbie
Hi Zlalit,
Love the explaination and your charts.
Glenn.
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