Dislikedthis seems to have been published a couple of days ago (the 16th): https://www.youtube.com/watch?v=9s_6...ature=youtu.be remember that hes not a trader!!!Ignored
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- Apr 20, 2018 4:53pm Apr 20, 2018 4:53pm
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- Post #46,666
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- Edited Apr 23, 2018 3:10am Apr 22, 2018 4:29pm | Edited Apr 23, 2018 3:10am
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Here's a top-down technical perspective on GOLD in USD.
The high waves of price action on the XAUUSD on the weekly time frame indicate a topping formation.
On the daily time frame, price action has been operating in an ascending channel (chocolate) for quite a long time. Since the beginning of 2018, however, the market has been sideways and largely confined to a horizontal channel between 1317.50 and 1362.80 (about 460 pips). The zone has served as resistance on several occasions in the past. The most recent price action is southward and located around the middle of the zone. A micro trendline (black) is operating as support and its break by price action is likely to lead to further southward move. This is likely to see bears target the channel support and may expose the 1305.50 handle (magenta).
On the H4 time frame, price action is operating in an ascending wedge. The wedge support trendline has received a lot of visits by price action since March 2018; an indication of bearish intent to break it down. The technicals and order flow context still favour the bears. However, as the most recent price action is very close to the wedge support (merely 22 pips), it is advisable to wait for price action to breach the support and flip it as resistance through a retest before entering a sell trade. A flip of the wedge support on at least a four-hourly closing basis is likely to give me an opportunity to look for a sell trade on this pair.
I may be wrong. Trade safe and prosper.
KP
The high waves of price action on the XAUUSD on the weekly time frame indicate a topping formation.
On the daily time frame, price action has been operating in an ascending channel (chocolate) for quite a long time. Since the beginning of 2018, however, the market has been sideways and largely confined to a horizontal channel between 1317.50 and 1362.80 (about 460 pips). The zone has served as resistance on several occasions in the past. The most recent price action is southward and located around the middle of the zone. A micro trendline (black) is operating as support and its break by price action is likely to lead to further southward move. This is likely to see bears target the channel support and may expose the 1305.50 handle (magenta).
On the H4 time frame, price action is operating in an ascending wedge. The wedge support trendline has received a lot of visits by price action since March 2018; an indication of bearish intent to break it down. The technicals and order flow context still favour the bears. However, as the most recent price action is very close to the wedge support (merely 22 pips), it is advisable to wait for price action to breach the support and flip it as resistance through a retest before entering a sell trade. A flip of the wedge support on at least a four-hourly closing basis is likely to give me an opportunity to look for a sell trade on this pair.
I may be wrong. Trade safe and prosper.
KP
Do your homework, follow the footprints of smart money
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- Apr 22, 2018 11:49pm Apr 22, 2018 11:49pm
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90% of people, are wrong about 90% of everything, 90% of the time...
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- Edited Apr 23, 2018 1:30am Apr 22, 2018 11:56pm | Edited Apr 23, 2018 1:30am
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da n0o0b + $hit_Disturber 
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90% of people, are wrong about 90% of everything, 90% of the time...
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90% of people, are wrong about 90% of everything, 90% of the time...
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- Apr 23, 2018 4:22am Apr 23, 2018 4:22am
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90% of people, are wrong about 90% of everything, 90% of the time...
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- Apr 23, 2018 5:16am Apr 23, 2018 5:16am
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{quote} 9060 is a critical level for DXY (even on an intraday basis)... it will paint the future!
DX technical reversal is in play
on XAU, we may see a retracement up to ~1348 (or maybe even 1341) in the next day or so, but the next impluse will be to slam it down through to the 1307 level!
just my 2 cents!
trade safe
90% of people, are wrong about 90% of everything, 90% of the time...
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- Apr 23, 2018 5:32am Apr 23, 2018 5:32am
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A 1 pip gain is better than a 1 pip loss.
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