Serious bear strength since August. Drive up at 9th November got seriously rejected from the previous bull channel and found the lows of the bear channel created.
We have found ourselves bouncing comfortably between top and low range of bear channels however the 1764 bottom has proven a great rebound for a bull attempt. Bulls pushed past the 50% marker on the bear trend at 1850 levels and now wants to test for upper orange bands. This will be a hard one to break but if it does bulls can test the upper purple range at 1920.
Rejection here is possible and would confirm a bear leg to hunt for lows or at least a lower support. Playing between the bands is necessary, trade with caution. This is not a good time to enter a trade. Wait to confirm of a break and hold above the orange band for new recent high or wait for a reject out of the recent red bull band. The red band is powerful and could well take GOLD back to new highs, but if it is broken the longer term bear channels will suck it back down.
Adjust accordingly, watch smaller time frames to ump in and out between band lines for safe trades. Don't bet on break or reject, play safe between the lines. Easy pips to be caught.
We have found ourselves bouncing comfortably between top and low range of bear channels however the 1764 bottom has proven a great rebound for a bull attempt. Bulls pushed past the 50% marker on the bear trend at 1850 levels and now wants to test for upper orange bands. This will be a hard one to break but if it does bulls can test the upper purple range at 1920.
Rejection here is possible and would confirm a bear leg to hunt for lows or at least a lower support. Playing between the bands is necessary, trade with caution. This is not a good time to enter a trade. Wait to confirm of a break and hold above the orange band for new recent high or wait for a reject out of the recent red bull band. The red band is powerful and could well take GOLD back to new highs, but if it is broken the longer term bear channels will suck it back down.
Adjust accordingly, watch smaller time frames to ump in and out between band lines for safe trades. Don't bet on break or reject, play safe between the lines. Easy pips to be caught.
Comment:
Breakout of red bull channel, currently unable to break orange upper band, purple bear magnet channel pulled the price action back down, now the upper purple bear channel is acting as resistance, these are ear signals for me. I am turning bear bias
Comment:
so far so great. well into profit expecting a retest of bull support line and then hunt to the bottom of the purple bear channel
Comment:
bottom of line hit! great trade for the day 1863-1826. I have closed 50% here to secure those profits.
Seeing as the red bull channel was broken and the orange band rejected I am holding the other 50% short trades until we see a nice low forming. I have no current reason to switch to bull here apart from scalp. Bear break out of the purple channel will hunt for the low of 1770 easily. Time shall tell.
Adjust accordingly. Trade Safe
Seeing as the red bull channel was broken and the orange band rejected I am holding the other 50% short trades until we see a nice low forming. I have no current reason to switch to bull here apart from scalp. Bear break out of the purple channel will hunt for the low of 1770 easily. Time shall tell.
Adjust accordingly. Trade Safe