Kumowizard
Long

Gold - Hold longs, multi time frame bullish Kumo breakout soon?

FX:XAUUSD   Gold/U.S. Dollar
457 11 0
Bullish momentum and indicators have been improving a lot since we opened the outright longs and the bullish call spread on back of the idea that gold             was building a bottom around 1280-1290 and was likely to reverse up.

Daily: Slow Stoch has been marching up, and more importantly MACD is about to give a buy signal too.

4 Hrs: Price is "consolidating" within the Kumo Cloud, but this consolidation has a very strong bullish momentum , the wave pattern shows bulls are more and more confident. Actually the price is about to break above the Kumo. This bullish break can accelerate further and get more confirmation after in next wave price makes a break even above the horizontal 1315 resistence and 100 WMA, in line with breaking above the daily Kumo too. In that case 1335-1340 price target will be in focus very soon.

Hold longs and the bullish option Call spreads. Meanwhile move the trail the stop up to 1289-1290.
Move stop higher to 1296 on existing long position. Meanwhile trying to add to position, I place one more bid as day order at 1299,5 with stop at 1296. If we get stopped out, we'll have to look again at chart components, but that I'll do in a new post in case.
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Unfortunately price did not slip below 1300 yesterday to add to long position, and fortunately this means 1300 support proved to be strong. Price action is still bullish in a classic way, chances are still very good to reach our 1335 target. However in line with the change in Ichimoku components, I recommend to move trailing stops to at least 1302 now from 1296 for the existing long position.
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1325 horizontal resistance seems to block price for today. I closed the option Call spread. Maybe it is reasonable to close half of the outright longs too, as a pullback to 1305-1310 support is not impossible now. Final stop level is still at 1302.
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Price has got very close to the initial 1335 target today. Price action is still very good and makes reasonable to hold the Long positions. Looking at indicators and the 1 Hr timeframe Ichimoku setup, move your protective stops to 1312-1313 now.
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hummada2004 Kumowizard
2 years ago
Perfect !
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Kumowizard PRO hummada2004
2 years ago
yes, so far it's working. You can also push the profit tgt higher if you wish. You can never know how far a trend goes. Then just do not forget to adjust the trailing stop.
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hummada2004 Kumowizard
2 years ago
I am of the same opinion
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Price action suddenly got worse, likely on back of USD strength. Out of all longs now. 1 Hour Ichimoku setup is bearish. On 4 Hrs there is one more support ard 1300-1305. Maybe good for a re-buy there, but need to check technicals when price is pushed down to that area.
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fuguilin
2 years ago
what do you think right now, Kumowizard? I have no idea at this moment, just watching and waitting....
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Kumowizard PRO fuguilin
2 years ago
Then my friend you are wise enough! Just watch it and do not touch! I don't touch it either.
Yesterday I tried to catch it at 1290 for an intraday bounce, but I was not quick enough. Anyway I don't mind, as since then I have looked at it over and over, and both the price action and the indicators are very very confusing on the different time frames.
Looking at 1 Hr chart, it can not be a firm buy, until it closes above 1308-1310. But even then we have to check if a 1 Hr buy signal is in line with the higher time frames.
The sudden drop yesterday was really scary and messed things up on the charts. Just leave it for now until we have a more clear picture, when we can come up with a well established new idea.

If you really feel desperate to trade Gold, then try to trade my previous range idea, but with lower levels to buy, and with tight stops. Let's say 1292 - 1315 range, with 1285 stop.
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fuguilin Kumowizard
2 years ago
thanks for your reply. really appreciate your analyse. I'm waiting for a better price to entry :)
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