Analysis: -1hr structure continuation to the upside -70-79% rejection -MA Bounce/Reject -Long bullish hammer on MA -Previous Resistance becoming support -4 hr doji candle Emotions: -Woke up late and rushed -Wasn't even supposed to be able to look at charts this morning so grateful for that -Skimmed through analysis -Didn't read through my trading plan -Was...
Bearish divergence possibly indicates signs of weakness in the market trend and that a reversal may occur from uptrend to downtrend. It is formed when price forms a higher high and your chosen indicator forms a lower high. In the daily chart above we can see Gold against the U.S dollar sell off after bearish divergence formed with the MACD and RSI. Combined...
- Oscillators approaching oversold territory - Price closed at previous resistance, may function as support now
- Price neither oversold nor overbought - Recent consolidation above EMA (25, close), price was unable to break on the downside - Price is now at recent highs, could form a double top or break above zone - Price would need to close above zone on the daily or 4-hr chart
- Price retested EMA (25, close), respected support and appears to be going up - Price not yet overbought - Could possibly form a double top
Disclaimer - I am new to technical studies and learning everyday. Please share your views, it will help me to learn better. After reviewing GOLD multi year chart I see the following: 1. Oct 2008 @ approx $682 and high in Aug 2011 @ approx $1919 2. Retracements upward since Aug 2018 at exactly .618 level 3. Now broke .50 level last week at approx $1302...
Does that headline make you go "HUH"? How can you be right when you are wrong? Simple. I was wrong in my analysis as to what was to happen yet I was right because I went SHORT on Gold based on my "wrong" analysis. Got that? Actually, this happens many times to me and I'm very happy to admit that. You see, there's a method to that madness. Let me explain... I've...
This post is the result of a short discussion from the previous post. The question was: is it possible to get financial independence if you have only 10USD as a starting capital? My reply is - YES. Probably you won’t believe but still, let’s try to imagine such a story.You are a young guy without any solid capital, and only you have it’s 10USD in your pocket. But...
A Simple Analysis for beginners who are trying to understand market structure!
Trade Analysis Gold had been in the downtrend for 2 months. Lazy Trend System spotted a momentum entry. Following the rules, with 2% risk on capital, this trade yielded a profit of 10%. Risk to reward ratio = 1 to 3 3 Keys to Success: Patience The trade was executed on Daily chart, there are typically less than 10 potential entries in a calendar year. Swing...
Hello friends, thanks you very much for your interesting comments to my previous “Why Do You Like to Lose Money?” post. I’m happy to know that not all of you want to stay with status of “crypto enthusiastic trader” and you also want to use trading opportunities from traditional markets as well. It’s really good because if your REAL target is to make additional...
So if you are looking at my charts/posts and are expecting me to give you a trade, then you shouldn't be following me. But if you are following me to LEARN something, then you are in the right place. There are plenty of posters here who give you actual trades. But as they say, "you get what you pay for". So here, what I am posting for you is an example of why it...
If you trade Gold, you must know that the GDX and the GLD are both derivative markets of Gold and are closely correlated since they both track aspects of Gold. So when either one of these move, then you must look to the other one's and see what they are doing, going to do or done already. They can give you precious clues as to what the other markets are going to...
My rules for trading this simple breakout pattern. 1. At least 5 points of contact within the pattern. 2. A breakout out of the pattern. This creates what I call the "Breakout Point" which is formed at the low wick of the candle. 3. Regardless of what price does after, we must see a breakout past the "Breakout Point." Regardless if we get a retest or not. Risk...
In this video I use the recent losing gold trade to talk about how to manage trades like a pro. You do this using 3 main principles 1)Risk small amounts of capital, 2)Don't over-trade, 3)Don't ignore counter-position price action.
While trading, it is worth knowing that Japanese Yen closely follows Gold, both intraday and on bigger timeframes. Both instruments mirror each other. So, XAUUSD analysis are valid for USDJPY, only in reverse order, i.e. if XAUUSD will move up a few ticks USDJPY will move down the same distance. Safe trading! The chart above demonstrates this correlation. I chose...
Details are in the chart. After an impulsive phase, gold has been consolidating within a triangle pattern in the last 2-3 months. A break out could be possible in the near term. For more info about triangle pattern and Elliott wave, check out this link www.elliottwave.net Stay tuned !