frupreneur
Long

[GOLD] Potential "LONG" Opportunity

FX:XAUUSD   Gold Spot / U.S. Dollar
POINTS TO NOTE!

1) A pattern is a means of calculating support/resistance zones.

2) As price is consolidating 70% of a time and trending only 30% of a time, expect price to bounce from the zone rather then to break it through.

2) When price enters the zone start watching priceaction bar by bar. To do this you will first need to choose optimal timeframe. An optimal timeframe rule: "the pattern (from X to D) should be 50-100 bars."

3) Priceaction analysis is done on the basis of the trend bar concept. A trend bar is a bar that has a body more than 50% of it total range. Other bars are called range bars or dodjies.

4) Expectations. Skip all the dodjies and look only at trend bars. E.g., if the last trend bar was a bear trend bar expect next bar be either a bear trend bar or a dodji. A trend bar + dodji is called a micro flag. There can be more than one dodji in a flag.

5) if the expectation turns false and you get an opposite trend bar then the market is about to change.

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DISCLAIMER:
Please note I am only providing my own trading information for your benefit and insight to my trading techniques, you should do your own due diligence and not take this information as a trade signal / investment advice.
Trade active: NICE PRZ REJECTION.
Nice one, i'll join when price retest
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frupreneur Dansa_Inc
@Dansa_Inc, As long as you don't miss the train :)
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