fxtrader66

Gold found support but still not a strong long.

FX:XAUUSD   Gold/U.S. Dollar
418 2 3
Gold             found support today at the 2/1 and 4th sq             rt             progression, a break under this level could indicate price could test the bottom of channel. As long as gold             finds support above this level I believe gold             could try to test 1300 to 1308 as resistance.

If gold             can break out above ( daily close) 1300 and its upper channel, look for higher gold             prices to come with resistance at 1338 and 1376

alex.a
3 years ago
To study progression, where would be the best, sir Puerto? ^_^
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fxtrader66 alex.a
3 years ago
I learned this from Kristian Kerr from fxcm by watching his live events and asking questions. Sq rt progressons act like s&r like fibs do, when they line up with other things that identify s&r you could see a stronger reaction there. I calculater the sq rt p from the open of candle of the aug high, then subtracted it from that level. In this case i used 1414 - 38, ect, ect. to get each level.
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