DislikedSunTrader, to avoid elliott counts with 2-3 alternative possibilities as you will find in the most counts of the elliott gurus, i additionally use the cycle considerations. Mostly, i can reduce the possible number of elliott counts to a main count. SixerIgnored
XAU/USD & XAG/USD - Gold & Silver Traders Thread
- #42,141
- Jun 25, 2017 2:26pm Jun 25, 2017 2:26pm
- Joined Mar 2006 | Status: Trade the reaction not the news! | 10,359 Posts
- #42,145
- Edited Jun 26, 2017 5:21am Jun 25, 2017 3:38pm | Edited Jun 26, 2017 5:21am
- Joined Dec 2015 | Status: Trader | 8,751 Posts
Are you tracking GOLD for trading opportunity this week? Here's a technical perspective to consider.
On the H4 time frame, price action moved upwards from a support trendline (magenta colour) to validate a resistance trendline from the high of June. The most recent price action saw a bulllsh move on Friday afternoon after a rejection of the resistance trendline by sellers earlier in the day. Should buyers push price action to break the resistance trendline, an initial target northward is likely to be the 1271 area, provided buyers can overcome the immediate minor resistance around the 1261 area. Failure of price action to take out the 1261 area is likely to lead to a southward turnaround to break the support trendline and target the 1240 area, the base of the support trendline. This is a more likely scenario given the weekly timeframe technical disposition.
I may be wrong. Trade safe and prosper.
KP
On the H4 time frame, price action moved upwards from a support trendline (magenta colour) to validate a resistance trendline from the high of June. The most recent price action saw a bulllsh move on Friday afternoon after a rejection of the resistance trendline by sellers earlier in the day. Should buyers push price action to break the resistance trendline, an initial target northward is likely to be the 1271 area, provided buyers can overcome the immediate minor resistance around the 1261 area. Failure of price action to take out the 1261 area is likely to lead to a southward turnaround to break the support trendline and target the 1240 area, the base of the support trendline. This is a more likely scenario given the weekly timeframe technical disposition.
I may be wrong. Trade safe and prosper.
KP
Do your homework, follow the footprints of smart money
- #42,147
- Jun 25, 2017 11:12pm Jun 25, 2017 11:12pm
- | Membership Revoked | Joined Mar 2017 | 2,260 Posts
if you my trade,My-post analysis, subscribed to ME
- #42,149
- Jun 26, 2017 1:28am Jun 26, 2017 1:28am
- | Membership Revoked | Joined Mar 2017 | 2,260 Posts
if you my trade,My-post analysis, subscribed to ME
- #42,159
- Jun 26, 2017 3:55am Jun 26, 2017 3:55am
- | Membership Revoked | Joined Mar 2017 | 2,260 Posts
H4 1251.xx====>1248.xx===>1246.xx {image}
if you my trade,My-post analysis, subscribed to ME
- #42,160
- Jun 26, 2017 4:00am Jun 26, 2017 4:00am
- Joined Dec 2005 | Status: Com Member = Scammer | 5,408 Posts