Gold's Triangle Since August - XAUUSD Must Hold Above 1128
The chart here is a mishmash of trends ongoing currently.
I define trend quite simply:
1. Downtrend = when there is a 5-day period without a new high, then you are in a downtrend.
2. Uptrend = when there is a 5-day period without a new low, then you are in an uptrend.
3. Uptrend = in force when the last sale is above the "most frequent price" of the uptrend.
4. Downtrend = in force when the last sale is below the "most frequent price" of the downtrend.
With these simple rules, there are 2 downtrends in place and 3 uptrends, all simultaneously. This is what a triangle is all about. Plain and simple reasoning and rationale.
The downtrends are not "in force" because we are above the "most frequent price" but that can change if we go below 1128.
So, there you have it. A "neutral market" which you can trade from the long side if above 1129, using a stop in the 1128-1124 stop zone.
Tim 10/4/2015 7:38PM EST
I define trend quite simply:
1. Downtrend = when there is a 5-day period without a new high, then you are in a downtrend.
2. Uptrend = when there is a 5-day period without a new low, then you are in an uptrend.
3. Uptrend = in force when the last sale is above the "most frequent price" of the uptrend.
4. Downtrend = in force when the last sale is below the "most frequent price" of the downtrend.
With these simple rules, there are 2 downtrends in place and 3 uptrends, all simultaneously. This is what a triangle is all about. Plain and simple reasoning and rationale.
The downtrends are not "in force" because we are above the "most frequent price" but that can change if we go below 1128.
So, there you have it. A "neutral market" which you can trade from the long side if above 1129, using a stop in the 1128-1124 stop zone.
Tim 10/4/2015 7:38PM EST
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