GoldBands

GoldBands Updated 

Good Evening Traders! Our Gold short trade made progress today. Unfortunately, it ran into the long running upward support line (the solid magenta line) at the low of the day @ 1321.1. Price then rebounded right up to the BB midline in early evening trading. It has since come back down as I write this. If price can break through that magenta support line, we...

GoldBands

Good Morning Traders, The last 3 days saw 3 dojis (red highlighted rectangle) and failed to break the long down sloping channel top that dates back to July 1, 2016. If you remember from my post last Friday, I was concerned about the big gap from the day after the FOMC and that it would need to get filled before price could move higher. Well, today we got the gap...

GoldBands Updated 

Good Evening Traders! Janet Yellen and the FOMC delivered good news for Gold bulls today and tabled a September rate increase just as everyone predicted. As a result, the US $ declined and stocks and Gold advanced. This was good but not great for our long Gold position. Given that we have been trading in this contracting channel since July 1, I (and everyone...

GoldBands Updated 

Good evening traders! As you all know, I was short from 1341.8 and looking for price to hit my target of 1305 1.64% . Well, Sunday night's price action was aggressive to the up side and I decided to close my trade and take my profits for a solid 23.1 points. At the same time, I began building my long position, taking a 1/2 stake in Gold 0.09% @ 1317.90. On the...

GoldBands

In preparation of the FOMC meeting on Wednesday, I thought it would be instructive to compare Gold vs.the US Dollar ICEUSA:DX1! . Gold is the brighter candles and $ is the dark candles. While there are some periods where they move in the same direction, the majority of time there is an inverse relationship.

GoldBands

Hello Traders! Thanks for joining me for this edition of Gold - The Week in Review . Last week we initiated a Gold short on Thursday @ 1341.8 and price moved down for the rest of the week. In fact, Friday's candle crossed and closed solidly below the midline of the range. Monday continued the bearish movement as price gapped down at the opening, closing at...

GoldBands

Today saw another outside bar on Gold COMEX:GC1! as price moved closer to my first PT of 1305. That's 2 outside bars in 3 days. And the outside bar today was bigger than the one on Tuesday. All indicators still pointing down. Let's see if price can break below 1300.

GoldBands Updated 

COMEX:GC1! Even though today had a green candle, the Heiken-Ashi daily chart is still all red: And the hourly chart shows that today was a slow grind up but that price was unable to break above the upper BB. The yellow circles highlight that 1. Price will hit the lower BB, 2. The Stoch RSI is moving down and 3. OBV has been severely squeezed.

GoldBands

This is a re-post, trying to get my charts to appear on the GOLD chat channel. TVC:GOLD COMEX:GC1! FX_IDC:XAUUSD

GoldBands Updated 

Yesterday, 9/12, saw continued downward movement in Gold futures. While that was good for my short position (in at 1341.8), I was concerned because of the gap up at the close of day (#1). But here is why I stayed short and didn't close my position (reference the yellow circles on the Stoch RSI and OBV). 1. Stoch RSI is is an obvious downtrend. 2. OBV ...

GoldBands

I've added OBV to my chart as a non-correlated indicator. I did this because I wanted a volume indicator as recommended by John Bollinger. I've seen some people add a fast EMA to the indicator but I like how the Bollinger Bands show the extremes. I've highlighted 2 examples. 1. Classic Divergence - As price exceeded the lower bollinger band in the price fall at...

GoldBands

I want to take a few minutes and go over my chart and my overall strategy for trading gold futures. Bollinger Bands - I use 3 BBs, set to a standard deviation of 1, 1.5 and 2. I pay particular attention to when price pierces the red 2.0 band. I am also always aware of price in relation to the simple moving average, the orange line in the middle of the bands. As...

GoldBands

The StocRSI indicator is rolling under 80 and that coupled with prices failure to extend past the 1.0 Std Dev BollingerBand (cyan) after 3 days confirms a short sell of the gold futures contract. You can see the upper wicks penetrated the cyan BB but price could not close above it. You can also see the green StocRSI line move down under 80. Keep an eye on the...

GoldBands

I have been long Gold since the beginning of June, having entered this current wave at 1238. I closed 1 position at 1290 and one at 1305. With 1 position left, yesterday I moved my protective stop up to 1272, just under the 38 fib retracement of this wave. Honestly, I expected the stop to be hit today as the 23 fib was breached so hitting the 38 fib is a...

GoldBands

Here's a zoomed in view of the trading range. As Apple is still in a tight trading range and my projected time to breakout has been exceeded, I doubled the timebox to track this. The green box on the right extends the yellow box x2.

GoldBands

As Apple is still in a tight trading range and my projected time to breakout has been exceeded, I doubled the timebox to track this. The green box on the right extends the yellow box x2.

GoldBands

I was thinking that Friday would bring the drop below the current sideways movement but instead we had another day in the range. I've added a new fib retracement to the chart. This one goes from the low on 4/19/2013 to the high on 4/28/2015. The .618 retracement is at 85.34. This matches with the 2 other measured moves I have on the chart. The first is from the...

GoldBands

I have observed that most sideways moves for Apple last around 13 days. This is now day 10. Perhaps the break out will come on Friday.