About Gold I wrote in previous posts. You can get more details from those posts in related ideas.
This time, let's look at Gold market using the trading strategy based on Ichimoku indicator and 4H timeframe. The price broke the uptrend line and dropped below the cloud. It gave us a trend reversal signal and new bearish conditions. We can wait for reversal signals from Tenkan, Kejun, and the cloud in order to open sell trades.
As the price is above 1500.00 support zone, it will be a good idea to use a breakout signal for selling. If the price moves below 1495.00, the breakout can be used for opening sell trades with stop orders above the local swing high and profit targets at support levels. The same style of placing exit orders can be used for sell trades opened based on reversal signals.
@mehmetgdogan, I use robot for this market. The robot is based on other strategy.
habibihamoodi
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isnt GC1! (gold comex futures) more accurate (and gives a different reading on ichimoku than XAUUSD FXCM)? its touched 1d base now
DLavrov
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@habibihamoodi, for those who use brokers for trading CFD for Gold, this chart will be better.
habibihamoodi
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@DLavrov, thanks, the issue I've noticed with ichimoku is accuracy as sometimes it would tap a level in one broker but not in another. Is ICE better? (or TVC?)
DLavrov
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@habibihamoodi, I have no ideas. Just use what you want and like to use.
jamatif
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Very nice analysis. I always learn something new from your each post.
DLavrov
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@jamatif, thank you very much for your comment! It gives me additional motivation to write stuff for TradingView.