Price action here doesn't quite know what to make of tech stock post lockdowns/covid with the vaccine news last week. Clearly it doesn't want to close above 12k, nor does it want to close below 11,600. There is a 300 point move above the resistance to retest the all time highs. Any closure below 11.6k should see a swift return to 11k with very clear...
Very choppy price action with what occurred last week! All eyes on the 23.6% to see if it breaks or bounces
We're short EA until we get back above the 61.8%! Look at price, we had 6 days of selling followed by 1 day of pullback to retest the key level.
Look at what the chart is telling you. The best advice I was ever given when I started. You don't need to predict the future - just take a look at the past. 0.67, the Daily support, was strong resistance. In September, we broke above twice and retested the Weekly resistance, where we sit now with price. Look at what happened after both of them. When price broke...
Pretty simple here. Buys we need a DAILY break and retest. Sells we need a 4HOUR break and retest. Just be careful, 4hr looks to be forming a bull flag
Would prefer sells here as the downside is more clear than the upside. We can see clear support and resistance here which is a result of where the Fib areas line up. I have 2 fibs drawn, in different colours, to show you how to confluence. Confluence means an area, or price, where more than one technical reason sits. For example, we have daily resistance, the...
So bigger picture, until we break the 133.000 Higher Low, we're still in an uptrend technically speaking. You can see the support forming within the pennant formation, which con-fluently lines up perfectly with the 61.8% Fibonacci Level. Anything between 134.800 and 136.400 is a no trade area for me. Initially there doesn't seem to be a lot of downward target...
For the first time in a long while we have clear entries on GU! We can see clear resistance at the 61.8% Fib Level and need price to break this before longs. Shorts below 1.31 also valid!
As you can see there was a strong rejection of the 38.2% with the bearish engulfing since! No trade zone at the moment - needs to cross either way for us to enter!
We're now SHORT EA until we get back above the 61.8. Ideal shorts are slightly higher at 1.64!
Here we have a very nice descending channel with price action around the key 61.8% fib area. Now the area either side is a no trade zone for me. For buys we need a daily close above the key resistance, and for sells a 4hr close below the support.
We've broken through strong daily resistance here and are seeing a break and retest on the 4hr timeframe. So I am in favour of the buy scenario but sells are valid if we close on the daily below the red line.
As we know, this will rely heavily on how the US indices and gold performs, so here's both outlooks to consider. We are in a bearish trend, we do have bearish structure and we've now had the usual 61.8% retracement before the next impulsive move. We need to close below 75 first though! For buys we need to break structure and the 70.7% fib level before...
Here we have a clear descending channel, with strong support at the bottom at 0.70. We pushed right up last week to test the highs almost, but on the 4hr you can see we run into strong resistance, consolidating at the top. Price looks to be forming a bull flag on the 4hr, only confirmed with a break above structure though. Sells valid below the red line.
Here we have another pennant, however I do only favour buys with Biden looking the likely winner. There are rumours Biden could through out all stimulus, so if that happens, gold will plummet. In the meantime, we'll continue to play the technicals.
Lovely pennant forming here also bringing in the Eliot Wave theory. Quite clear daily resistance formed at current price level alongside the Double Top. We need price action below 12k to confirm the sells, with a break of the pennant to the upside seeing us retest the all time highs. Be cautious around 11600 as well, it's previous support. If broken, gives us a...
Bearish structure here - should see a pull back to the 61.8% for the next lower high before price will retest a monthly trend line dating back to October 2011!