Gold closed up 3.1 points on Tuesday but that was basically a move sideways. There was some volatility in the morning when Fed Chairwoman Janet Yellen began her testominy. But while the DXY dollar index had a strong move up, Gold stayed basically flat. However, it is clear on the chart that Gold is still trading under the 6 and 8 day moving average so my bias is...
Gold dropped 8.1 points on the day to close below the 8 day moving average. As the dollar rose, gold sold off and finally cracked the 8 day ma. It also closed below the forward adjusted closing price line represented as the cyan line. There is now a high probability that gold will touch the 20 day moving average which is the midpoint of the Bollinger Bands....
2/13/2017 - Waiting for GOV to break above $20.50 to start considering a long. Setting up alarm to review once it breaks $20.50. The ~$20.00 has been pretty strong and don't want to place long until it breaks above this resistance. Still bullish as price has left behind the VPOC at 18.50-19.00.
Thursday started off promising with Gold hovering around the 1242 level. But then the dollar DXY broke out above the midpoint of the BB and Gold fell, closing the day below the 6 day moving average. At it's low, it touched the 8 day moving average were I am sure many people had their stops.
As the Friday session begins in Asia, Gold continues to fall....
Gold continued to move higher today, closing at 1243.1, a gain of 7.9 points for the precious metal. The US Dollar Index $DXY fell today which helped fuel Gold's rise. As I pointed out yesterday, the dollar had closed under the midpoint on the BollingerBand after having tried to break through that line of resistance and I thought that it would move lower today....
After the recent high in january, we've had small pullback in february for the market to settle down after such a powerful move upwards. I believe we are reaching the crossroads anytime now. 11400-11450 seems to be a very important zone for the future. As long as we are trading above these levels, or have a rejection there, I believe we are looking for another...
Since Monday, price has been hovering at just above the 1.0600 decision area for roughly 9 bars now (good chance something is about to be decided).
Buying potential: If the pair rises past the 1.0700 void to the 1.0730 area, we may have little resistance further up.
If selling, the key area is 1.0440.
Fellow traders, if price hits the volume void at around 1.2085, it'll likely rise to the decision area around 1.2155 before taking a dip or moving on up. There are more 'buyers' than there are 'sellers' at these levels, but more sell pressure at around 1.2300.
I am currently not in any trade before the inauguration, just watching for now.
All the best!
More 'Buys' are dominating the GBPJPY up until around 146.83. With the sudden bounce at a heavy-volume level at 143.94, it's worth watching for further price development before jumping into a trade. I've highlighted key volume levels to watch while studying price action.
Based on volumes for the 4-hour chart, sellers are mostly looking at 1.044 while buyers are eying 1.059. I won't be entering any trades until I see live price action starting January 3. Still, as long as 1.06 holds, EURUSD is subject to gravity.
Bouncing of the POC (Point of Control of the Volume Profile) - while leaving just wicks below it.
Also we are having a quite nice Inside Bar hopefully follow by a strong Entry Bar to give it some momentum.
(candle not finished yet - so the position sizing is not final -> update will follow)
TP1 at previous resistance of 4020 and the final TP area in the upper...
Last week Friday closing confirmed the weekly breakout of price action from a previously trading range. Trading range was 40 weeks long where we saw major buying and selling of the stock, which is also called Value Area.
As per the volume profile, if any stock's price action moves above the value area then it signals a buy opportunity which we could see at...
The idea is to make a trade when:
(1) RSI exceeds the 30-70 band
and (2) there is a spike in volume shown by ROC for volume
The spike in volume suggests that market is reacting to the event (i.e RSI showing overbought/oversold)
The dark blue line is 5X the average volume of the last 500 days.
Use Volume profile bars to choose Take profit and Stop loss....