TerryHarmonicTrading
Long

Gold - What is a RSI bamm? How to trade it?

OANDA:XAUUSD   Gold
24 days ago
Hey guys, after an uneventful 2 weeks, I am hoping next week the market sets us up with some quality harmonic patterns .

The top of my list for next week is gold             , where I see a bullish bat completing with a few other key criteria.

1. RSI Bamm present, W structure at oversold, retest the 50 lvl             and now back at oversold
2. Bullish bat completes at channel extreme

I will monitor the H1 chart for a double bottom/ rsi divergence before I go long on it.

I seldom trade Gold             , but when I see a good setup I will take it.

Do not use a pending order, wait for the clues I shared above and enter with precision.

Good luck and good trading guys!

Will be glad to explain anything.
23 days ago
Comment: Price is now stabilizing at the PRZ.

My gameplan:

Wait for the
1.RSI to get out from oversold
2. Price to retest PRZ
3. Wait for candlestick reversal at PRZ
4. Check for RSI divergence in H1
5. Enter
19 days ago
Comment: Price bashed through the PRZ on the 2nd retest, only go long if it goes above 1220. Likely heading further down.
16 days ago
Comment: This is the setup which must complete before I will go long.

I need it to form a inverted head and shoulders pattern and I will buy at the right shoulder.

If this does not happen, Gold will simply fall much further.

snapshot
Harmonic trader based in Singapore. Learned directly under the great Scott Carney. For FREE live trading webinars, trading resources and market analysis, please do visit my website at Harmonicforex.com
Charles.Yang
24 days ago
l like RSI BAMM. Thanks a lot!
Reply
TerryHarmonicTrading Charles.Yang
24 days ago
@Charles.Yang, yup this theory is shared in his 2nd book. It is amazing and effective.
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GoldHunter
24 days ago
you are one of the best traders in trading view, trading is to lose and gain, losing little and gaining big is the key of successful trader
Reply
GoldHunter GoldHunter
24 days ago
@GoldHunter, I think 1200 is a turning point
snapshot

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TerryHarmonicTrading GoldHunter
24 days ago
@GoldHunter, thanks for the compliments, already a good 2 weeks with no good trades. I feel bad actually. I want to contribute to this community and help other traders. :)
+1 Reply
TerryHarmonicTrading TerryHarmonicTrading
24 days ago
@TerryHarmonicTrading, that is why i set the SL below 1200 as 1200 is a great support level. Allow it some room to breathe.
+1 Reply
GoldHunter TerryHarmonicTrading
24 days ago
@TerryHarmonicTrading, I think c point is invalid because the spike during US election made a new high, am I right ?
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GoldHunter GoldHunter
24 days ago
@GoldHunter, sorry I made a mistake
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TerryHarmonicTrading GoldHunter
24 days ago
@GoldHunter, for a pattern to be invalid, it has to break above point A. In this case, pattern is still valid. Probably takes alot of guts to take this trade. Let's see how the market opens first. I hope it gaps up.
+1 Reply
trungle83 PRO
24 days ago
Hi Terry could you explain what RSI BAMM is?
Reply
TerryHarmonicTrading trungle83
23 days ago
@trungle83, It is a condition in the RSI that signifies the end of a trend.

These are the conditions.

1. RSI must be at OB/OS
2. It must form a W or M structure at the OB/OS zone
3. The second peak/trough must be lower/higher than the first
4. Wait for the RSI to hit the 50 level
5. A retest of the OB/OS zone completes the RSI bamm

You can find more info in vol 2 of Scott Carney's book.
Feel free to drop me questions.
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seemsLegit
23 days ago
Get in now? I'm in anyway.
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HumphreyNR
23 days ago
Potential BIG GOLDen ABCD on My Radar
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KhunHunSein
22 days ago
hi terry ,which price will be D point invalid ?
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TerryHarmonicTrading KhunHunSein
22 days ago
@KhunHunSein, Pattern will only be invalidated if it hits the stop loss.

Right now price has done the 1st bounce, will monitor the 2nd test of the 1219 level for candlestick reversal or rsi divergence before I enter.
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archtree TerryHarmonicTrading
19 days ago
@TerryHarmonicTrading,

i think the second touch done
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TerryHarmonicTrading archtree
16 days ago
@archtree, The 2nd touch broke below the PRZ zone.

This is the setup which must complete before I will go long.

I need it to form a inverted head and shoulders pattern and I will buy at the right shoulder.

If this does not happen, Gold will simply fall much further.

snapshot
Reply
The_Duke TerryHarmonicTrading
5 days ago
@TerryHarmonicTrading, I wish I'd read your advice here before I took some other advice that Gold was a HUGE buy - which cost me - TWICE!
I like the way you explain the reasons behind your thoughts and pattern recognition and I'll be watching your TV comments and reviews much closer as well as checking out your website, cheers Terry.
Reply
TerryHarmonicTrading The_Duke
5 days ago
@The_Duke, thanks man, just sharing things I learnt from Scott Carney. Am still a student of this trading game every single day. Watch out for a great education video from me this weekend
Reply
The_Duke TerryHarmonicTrading
5 days ago
@TerryHarmonicTrading, We are all students mate, but you're a few dozen (or hundreds) classes ahead of me :)
Currently watching the week 46 YouTube as we 'speak', and I'll look forward to your next issue.
Reply
TerryHarmonicTrading The_Duke
5 days ago
@The_Duke, thanks man, this weekend's video will be very useful in your learning. Keep in touch always and feel free to pm if you have any questions.
Reply
This week's report is out, I will cover Gold, DXY and USOIL.

http://www.harmonicforex.com/terrys-weekly-forex-market-report/week48report
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