afbitcoins
Long

Resumption of bullish trend in gold

FX:XAUUSD   Gold / U.S. Dollar
236 5 2
I'm looking to see these trendlines being validated. In fact there already seems to be some evidence they are active looking at lowest trendline in particular.

Gold             looks like it is obeying the bullish slope of this Andrews ptichfork and if so could be set to continue where it left off in 2011 on a new multi year strong bull run which will probably finally come to an end at some stage with a parabolic move up to breathtaking new highs probably corresponding to failures of fiat currencies world wide.

Will follow up with a zoomed out view of this chart showing where the pitchfork is defined.



Here is the zoomed out version of same chart showing where the pitchfork a, b and c points are defined.

snapshot
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how can i use these pitchfork to anaylsis >>> its like fibo ?
+1 Reply
afbitcoins memesae
Sorry for delayed response. You might often find that price finds support and resistance on same line repeated times and decide to go long or short accordingly where you think the bounce is confirmed. ON upwards sloping lines you looking for opportunity to go long, if downwards looks for chance to go short. With stop loss placed on other side of trendline. Personally I don't do that kind of trading myself though. I'm more of a stacker who just enjoys trying to read the tealeaves.
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THEORY OF A DUMP ? today.
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afbitcoins mucahit06
Been away from keyboard, hadn't seen that dump!

Its taken the price below the bottom of that fork. However I still like the slope of that fork. Once it bottoms I'll be looking to see if finds support on a lower parallel line to see if upwards slope is still active.

snapshot
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