Double bottom price action on the GDXJ
Price of the double bottom also hitting S/R zone of the previous 4 year base break-out.
Does this indicate a reversal in the last 12 month pull-back and the start of a new break-out?
KL respects the 50 crossing 20 ma. Bot directions. What i mean by that is if it crosses north , You most always have a Short term bull run, and like wise headed south followed buy a bear trend. Using the cross for where to gage my stop. Usually 2 ATR above.
Our H1 gold strategy has a long trade in progress.
Entry details are shown on the chart.
We're only looking for TP3.
Trade history can be seen below this trade idea too for full transparency.
I try and share as many ideas as I can as and when I have time. My trades are automated so I am not sat in front of a screen...
Peak and trough analysis on the monthly chart puts gold in a downtrend. The weekly chart is also at a key level when considering the triple moving average system. Moreover, it has an extremely strong inverse correlation with the USDOLLAR on the daily timeframe. Given this, the NFP print tomorrow is likely to impact on gold as the USDOLLAR reacts to the release....
👉 Trend still bearish on Gold till now.
👉 Price is forming H&Sh ChartPattern in the main trend direction.
👉 Low volume transactions. Be Ready for break out with high volume.
✅ Trading idea 1 : Sell from current levels to target last support level at 1761. and put stop loss above resistance level at 1795.
✅ Trading idea 2 : Sell after price breaks...
FOMC news caused some massive moves yesterday which carried on in to today.
Gold was massively effected but I wanted to share two ideas tonight on how I've traded those moves.
First idea is using our EDGE strategy which is a trend based strategy.
This isn't a gloat post this is to show two potential ways of trading gold on the 15M time...
I have a down trendline which price is approaching. My first take/bias on GOLD would actually be to short if price gives me my usual confirmation. Then i should sell to my nearest trendline which has been holding as a support/resistance lately. probabilities. Lets see
If gold were to range in between the buy and sell zone then you could potentially go much lower than 1680
I will wait to see what the reaction is to the upside next week.
If the reaction is impulsive towards 1760 then it's positive for gold.
If the reaction is more corrective and slower towards 1760...then possibly another massive drop to the 1670 area for...
Start Trading at the supply zone of Gold. The bearish trend may set up but not a big drop yet. Anyway we will wait next week data analysis where will the confirm market trend. Risk Management with the right position sizing is recommended for every traders.
Have a nice day week trade.
Gold is favorite tool for Hedge Fund managers and other big players, They discussing now if Stocks on peak and can get correction so they will join Gold to defend their portfolios.
Gold range 2200 for upcoming weeks and months.
We are keeping a close eye on Gold. The exciting pair has pushed itself to the top of 1900 where it needs to break the resistance channel. All are in favour of Gold. Once the resistance is clear, xauusd is all set to hit the all-time top again. if rejected, bears will take the charge, let's see who blinks first.