timwest

Gold XAUUSD STUCK between Brexit extremes

FX:XAUUSD   Gold / U.S. Dollar
1993 13 45
Whatever your opinion of gold             is at the moment, the market is afraid to move outside of the KEY BREXIT LEVEL from 1250-1358. Sure that is a wide range to operate in, but that level has contained the market since June 28th.

The "Highest Low" hasn't been outside that range yet and the "Lowest High" hasn't either.

The giant bi-distribution pattern around $1255 and $1325 as seen in the volume pattern on the right means the market has two scenarios it is trying to discount.

Short term there is a small, 7-day uptrend in place from the 7-day accumulation pattern that set-up from 1255-1257 through the 17th of October. When that rally phase ends, a decent trade is to shoot for a retest of that level. It could lift to 1279-1281. Risk is $10 on any position. The rally phase ends Wednesday.

Short term: Long for a rally to 1279-1281. After that, short with a target of 1257, 1291 stop.
Comment:
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Gold now has an 8-day uptrend signalling, which is a bullish, accumulation signal where new buy signals occur at higher prices. This new structure implies a move to 1295 over the course of the next 8 days.
Comment:
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Gold is going along the project path (amazingly)

Low risk entry here with a stop under the 8-day mode (the black line)

XAUUSD 1266.45 -7.19
Tim
Comment:
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I don't know what to say at this point.
Comment: It just keeps getting better....

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Target practically reached and only a day+ remains in the 8 day rally.
Comment: The original idea was to short on the rally to 1279 zone, but that never set-up in a logical way. If you are trading this and are looking for direction, stand aside.

I did post an even higher exit in the Key Hidden Levels Chat Room, but I didn't update this here. If you want to be on top of my latest view, see me there in KHL's chat room.

Tim 4:39PM EST Nov 7, 2016
Subscribe to my indicator package KEY HIDDEN LEVELS $20/mo or a discount for a year and join in the trading room KEY HIDDEN LEVELS here at TradingView.com
This couldn't be any better, top hit with precision even.
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killer chart
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I've banked my metals and Euro positions, I'd assume this is going to retrace. Great stuff as usual Tim.
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Hi Tim, I'm learning TAM. in this chart I count 8 bars from 10-07 to 10-18, and the mode price is about 1255.35, is it wrong?
snapshot
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Sorry Phil - I just saw your question. If you could make your bar chart much larger so you can see much better, that would be a good start. Notice how I counted it above and see the differences.

When the market "range expands" away from a zone, don't count that time as part of the mode because it means the market is moving quickly away from that level. So it seems the last bar isn't counted as part of the mode, and therefore it is only 7 days. Then, notice there is a mode at a higher level, which is as long or longer, so that mode becomes the new measuring stick. Try to show just the bars in the window so we can see much more clearly. Indicators are not that necessary once you know how to read just the bars all by themselves.

Cheers Phil and thanks for the question.
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so amazing
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"I don't know what to say at this point." Open the champagne sir. Or just bring it if you want to see it unfold to the fullest
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I think your prediction is still valid. Take out the sudden spike/drop as it's not normal.
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Why should it stop at 1295, Tim? )
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timwest PRO Singapore22
It's just a pattern based on the amount of accumulation that was going on at the low end of the "Brexit" range. Since buyers are absorbing the selling and moving prices higher, and absorbing that selling, the buyers are showing their domination of the market. The 8 days of accumulation over the price range labeled allows the market to move higher and perhaps to find a new supply of sellers. That's how markets work. See who is in control, measure them and analyze their strength.
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