Bullish continuation from double bottom, high probability setup
We have more multi time frame counter signals now which suggest a bullish move will extend to 1120-1140 area with increasing probability.
Weekly:
- Ichimoku setup and trend is still bearish. We have important long term changes in supp/res levels: Strategic reversal level at Senkou B (also horizontal supp/res) is down to 1177. Lower supp/res is ard Kijun Sen + major downtrendline: 1120-1145 area.
- Last 4 weeks Gold could not make a substantial lower low: haDelta/SMA3 moved back to zero line. Also last weekly candle is a doji: this is a strong indication for a counter bullish swing (correction) ahead.
- While price managed to make a lower low comparing 20/July and 14/Dec, EWO could not make a lower print, instead started to develop some bullish divergence!
Daily:
- Ichimoku setup is turning to neutral as: Price trades above Kijun Sen, Tenkan and Kijun close to each other and both are flat, Chikou Span (lagging line) is about to cross above past candles (would be a weak bullish Chikou cross)
- After a volatile and choppy trading in 1050-1185 range it looks like we had a clear double bottom, from where Heikin-Ashi signal is becoming increasing bullish. haDelta/SMA3 seems to be able to hold above zero line (stronger bullish cross), HA Oscillator is also bullish.
- EWO is ticking higher, close to zero. Bears losing control.
Now this is a very high probability sing long setup! Odds are in Bulls' favor. As you see if you wait patiently, the time always works for you: there are times when you feel missing the move, then you are happy you did not buy as it had become choppy and false again, but now it looks good to go. This is trick No.1: you don't have to always be in a position, but when you have multiple supporting signals to enter, then you must be in a position! Remember: it is never too late! Success trick No.2.: is proper position sizing, based on trading capital and the risk amount/trade, plus always adjusted with volatility. Trick No.3: managing your position compared to expected risk/Reward.
Go long with maximum 1 volatility adjusted trade unit, with posible target to 1120-1140 area.
Weekly:
- Ichimoku setup and trend is still bearish. We have important long term changes in supp/res levels: Strategic reversal level at Senkou B (also horizontal supp/res) is down to 1177. Lower supp/res is ard Kijun Sen + major downtrendline: 1120-1145 area.
- Last 4 weeks Gold could not make a substantial lower low: haDelta/SMA3 moved back to zero line. Also last weekly candle is a doji: this is a strong indication for a counter bullish swing (correction) ahead.
- While price managed to make a lower low comparing 20/July and 14/Dec, EWO could not make a lower print, instead started to develop some bullish divergence!
Daily:
- Ichimoku setup is turning to neutral as: Price trades above Kijun Sen, Tenkan and Kijun close to each other and both are flat, Chikou Span (lagging line) is about to cross above past candles (would be a weak bullish Chikou cross)
- After a volatile and choppy trading in 1050-1185 range it looks like we had a clear double bottom, from where Heikin-Ashi signal is becoming increasing bullish. haDelta/SMA3 seems to be able to hold above zero line (stronger bullish cross), HA Oscillator is also bullish.
- EWO is ticking higher, close to zero. Bears losing control.
Now this is a very high probability sing long setup! Odds are in Bulls' favor. As you see if you wait patiently, the time always works for you: there are times when you feel missing the move, then you are happy you did not buy as it had become choppy and false again, but now it looks good to go. This is trick No.1: you don't have to always be in a position, but when you have multiple supporting signals to enter, then you must be in a position! Remember: it is never too late! Success trick No.2.: is proper position sizing, based on trading capital and the risk amount/trade, plus always adjusted with volatility. Trick No.3: managing your position compared to expected risk/Reward.
Go long with maximum 1 volatility adjusted trade unit, with posible target to 1120-1140 area.