Gold - Higher probability of higher moves
Update from yesterday's setup (please see related link for trade idea/setup):
Good morning everyone,
So far we are getting some decent buying coming into the market. I like the 4 hour follow through. The Daily candle also closed bullish. Need the new daily candle today to create further bullish activity to increase the probability of continued bullish moves, which ties into the bigger uptrend. The probability at this point will be relatively high of potential future uptrending moves.
On the smaller time frames at the moment, we are creating higher highs and higher lows.
We are also above my 20 EMA. It's acting as a support level too as price constantly gets rejected and bounces off of it on all time frames.
Will closely watch the higher time frames such as the 4 hour. As more bullish candles get printed out, this stacks upon itself the idea of a continued bullish continuation.
***Remember:
If you're a swing trader, set your defined risk and stop loss position and let it run.
Don't babysit the charts, all that will do is lead you to making your own trading errors.
Remove the Psychological errors that create your own trading errors by removing yourself away from the chart.
It's good to become "system-like" as a discretionary trader. Our emotions like fear and greed blind us from the reality.
The market does what it wants to do and is always right.
We are the ones that usually get in the way of that.
I think of trading as a journey self.
Your results are a reflection of you. Master that and you "master" the markets.
All the best friends!
Good morning everyone,
So far we are getting some decent buying coming into the market. I like the 4 hour follow through. The Daily candle also closed bullish. Need the new daily candle today to create further bullish activity to increase the probability of continued bullish moves, which ties into the bigger uptrend. The probability at this point will be relatively high of potential future uptrending moves.
On the smaller time frames at the moment, we are creating higher highs and higher lows.
We are also above my 20 EMA. It's acting as a support level too as price constantly gets rejected and bounces off of it on all time frames.
Will closely watch the higher time frames such as the 4 hour. As more bullish candles get printed out, this stacks upon itself the idea of a continued bullish continuation.
***Remember:
If you're a swing trader, set your defined risk and stop loss position and let it run.
Don't babysit the charts, all that will do is lead you to making your own trading errors.
Remove the Psychological errors that create your own trading errors by removing yourself away from the chart.
It's good to become "system-like" as a discretionary trader. Our emotions like fear and greed blind us from the reality.
The market does what it wants to do and is always right.
We are the ones that usually get in the way of that.
I think of trading as a journey self.
Your results are a reflection of you. Master that and you "master" the markets.
All the best friends!
Comment:
Keep in mind also of potential Trading Range zones that could be created here as we are seeing a fair bit of wicks, dojis and indecision.
Comment:
Looking for possibly ABC here before we continue rising up.
Comment:
I don't know why the "Related Idea" didn't pop up. Here it is:
Comment:
Please Follow and Like if you enjoyed the analysis. :) Thanks!
Comment:
Looking for strong bullish candles here.
I'm going to go out for some exercise but also will be out and about today, i think what i wrote should be enough and you don't need much updates from me anymore.
Enjoy your day/night friends, wherever from the world you are from :D
I'm going to go out for some exercise but also will be out and about today, i think what i wrote should be enough and you don't need much updates from me anymore.
Enjoy your day/night friends, wherever from the world you are from :D
Comment:
Hourly we have 2 inside bars. We might see an impulsive move occur in a particular direction.
The ABC we drew earlier resulted in an impulsive move up. Looking for further continuation up with our 2 inside bars and 4 hour bar coming to a close soon with 44 minutes left.
The ABC we drew earlier resulted in an impulsive move up. Looking for further continuation up with our 2 inside bars and 4 hour bar coming to a close soon with 44 minutes left.
Comment:
^^ Keep in mind that the potential breakout/impulse should play out over the next 1 hour candle, so bear in mind of potential swings on that candle. Ie. if it starts going in 1 direction, it could swing, turn and go the other direction to close.
If we do go down we could potentially undergo another minor correction before we go up again.
If we do go down we could potentially undergo another minor correction before we go up again.
Comment:
Traders i think we may be turning into a trading range. There's a lot of wicks, a lot of indecision.
We may be heading down to the bottom of the trading range now.
We may be heading down to the bottom of the trading range now.
Comment:
Trading Range. Here's the next moves i see.
Comment:
Another Alternative. That we may have formed an ABC correction and now we're pushing up for higher prices. Some uptrending price action occuring. I want to see this continue and break multiple structures above. Otherwise we may be looking into a fall back down within the trading range.
