GOLD Long idea on Pivot Strategy and Savius Slope Rider signal
I'm expecting Gold to break above the Pivot P and go upwards to R1.
Why? Savius Slope Rider has fired the buy signal, price is just getting out of the buy volume area and bouncing off the Regression Channel, and it's above the MA Hull, which is great!
(the screenshot with all these indicators can be found on my website)
I am not entering the order until price breaks above P, and retraces to it: this way I will enter the price with a confirmation (a standard Ross Hook), and keep Pivot as support and protection for my order (which works and is also very useful psychologically), it may take a while before Gold decides to make its move, so I don't want to be stopped out; or it may just as well change tend and go bearish.
remember: we are not foreseeing what the market will do, we are reacting to price movement and managing risk!
Target is top of Regression Channel, or R1: 1228, depends on how strong the trend is. Also previous POC is at 1229.
Why? Savius Slope Rider has fired the buy signal, price is just getting out of the buy volume area and bouncing off the Regression Channel, and it's above the MA Hull, which is great!
(the screenshot with all these indicators can be found on my website)
I am not entering the order until price breaks above P, and retraces to it: this way I will enter the price with a confirmation (a standard Ross Hook), and keep Pivot as support and protection for my order (which works and is also very useful psychologically), it may take a while before Gold decides to make its move, so I don't want to be stopped out; or it may just as well change tend and go bearish.
remember: we are not foreseeing what the market will do, we are reacting to price movement and managing risk!
Target is top of Regression Channel, or R1: 1228, depends on how strong the trend is. Also previous POC is at 1229.