The price of Natural Gas rose on Wednesday, hitting a high of 3.223 before selling off and closing at 3.143, smack in the middle of the 7 and 21 day moving averages. The slight rise in the closing price did cause the background of the haDelta indicator to turn blue. However, the QStick indicator below that is still showing downward movement. The Heikin Ashi chart...
Although Gold mostly moved sideways today, closing up 3 points on the day. As price moved up in late afternoon trading, I did enter a short position for the following reasons: 1. Price has stalled well into the overbought upper Bollinger Band territory 2. Friday's shooting star followed by Monday's doji indicate to me that the upward momentum is waning 3....
Natural Gas stalled for the last 2 days and finally sold off today. There just wasn't enough power left in the recent bull move to climb above the 7 day moving average. Price is now wedged between the 7 and 21 day moving averages. If price does drop below the 21 day moving average, I expect that price would continue to at least the 3.00 level, which is the lower...
Gold closed flat on the day after pushing up into the 2 to 3 Std Dev Bollinger Bands. The low of the day was at the .618 Fib level. The daily haDelta also turned red today (top indicator) although the weekly haDelta remains bullish (middle indicator). So while it is clear that Gold is over bought, there is no confirmation yet that the uptrend is over. I will be...
Gold is hitting short term resistance at the 68% resistance from last year's high to this year's low. Price is also at the upper BollingerBand. Next move, up or down, will be telling...
On Tuesday, Natural Gas dropped .10 points to close just above the 21 day moving average. This is a potential end to the last move up which began on Feb 22 of this year. If price can break through the 21 day moving average, I would expect price to continue selling off until a tag of the lower Bollinger Band which now sits at 2.9. The potential downturn is...
Gold rallied hard today, gaining almost 20 points on the day. On the way to the new monthly high for April, Gold shot past last Friday's high and didn't pause as it continued it's ascent to the outer Bollinger Band, which is set at 2 Std Dev from the midline. Monday's red Heikin-Ashi candle is now well in the rear-view mirror as well. And all along, the haDelta...
On Monday, Gold closed up .8 points but did not recover any of the momentum after last Friday's explosive move up and then equally explosive sell off to end the day and the week. After that action last Friday, Gold continues to trade within a tight range that started on March 22. It is obvious that the Bollinger Bands are contracting and the haDelta is poised to...
Gold ended Wednesday down .6 points, making a late day recovery after selling off strongly to start the day. So while gold did close above the 7 day moving average, price continues to move sideways. The haDelta indicator is also still bullish but is showing definite signs of slowing down and even possible changing course. And if, in fact, price does move down, the...
Gold closed down 3.7 points on Thursday, falling through support levels at the 7 day moving average and the inner Bollinger Band. While it's not clear if this is going to be a long or short lived downward correction, I am banking on price hitting the 21 day moving average at 1232.90. As I've said before, when price breaks through the 7 day moving average, the is a...
Gold closed down 2 points on Wednesday, once again finding support at the confluence of moving averages and the inner Bollinger Band. While not moving lower than support, price stayed contained within Monday's candle and is setting up for a potential 'Rising Three Methods' pattern. This pattern starts with a long green body that is followed by three small body...
Gold closed up 2 points on Tuesday even as the US Dollar gained ground fueled by strong consumer data. After the news came out, the precious metal slowly slid down from a high of 1258.4 to the low of 1247. But there it met support from both the 7 and 8 day moving averages and the inner 1.0 Std Dev Bollinger Band. I am still waiting for the tag of the upper...
Gold moved higher today, gaining 10.2 point to close at 1255.7. After penetrating the middle Bollinger Band @ 1255.4 to hit a daily high of 1261, price closed just underneath that middle Bollinger Band. I am still expecting a tag of the outer Bollinger Band at 1266.10, which is my first profit target on this bull trade that started with an entry at 1220. All...
On Friday, Gold spiked up above 1250 but then sold off as the day drew to a close, to close at 1243.3. On the week, Gold was up 14.3 points. All indicators are bullish and, Friday's Heikin-Ashi Doji aside, I am looking for price to at least tag the 1.5 Bollinger Band or higher. Reversing now without even a tag of that 1.5 Bollinger Band would be unusual. So until...
One of my favorite uses of Bollinger Bands is to participate in what I call a 'Coast to Coast' trade. This is when price breaks from one of the outside Bollinger Bands and then reverses and moves towards the opposite Bollinger Band. Along the way to completing the opposite tag, price will often react off the 21 day moving average. You can clearly see that on the...
Gold dipped lower in the overnight session but then rebounded off the 7 day moving average. Price is now at the top of the weekly highs and looking to move above 1250. I've added a second haDelta indicator which is set to track the weekly Heikin-Ashi candles. Now both the daily and weekly are aligned in blue. This is a great way to stay in the trade and to filter...
Gold traded down 3.6 points on Thursday and while it was a down candle, the bull move is still supported by a green Heikin-Ashi candle. It would also be unusual for price to not move past the inner Bollinger Band. As you can see on the Heikin-Ashi version of the chart, the uptrend still appears to be strong; The weekly chart below shows a possible transition to a...
On Wednesday, Gold continued to climb higher, extending its rally for a 6th straight day. On today's chart, I've put back my triple Bollinger Band setup so we can get a better idea on what price is doing. We are currently at the inner Band, which is set to 1.0 Standard Deviation from the 21 day moving average. It looks pretty certain that gold wants to move to the...