DislikedDear Beloved Friends, to make its daily average range of about 100 pips, gold has two options now: 1. to get back up 90-100 pips (1294/95)? 2. to continue down for some 40-50, maybe even 60 more pips (1280/81)? which one do you think will happen first?Ignored
XAU/USD & XAG/USD - Gold & Silver Traders Thread
- #43,623
- Sep 29, 2017 10:29am Sep 29, 2017 10:29am
- Joined Dec 2015 | Status: Suuka Maadik | 3,630 Posts
Maadik Hugiis. IQ 69.
- #43,626
- Sep 29, 2017 11:26am Sep 29, 2017 11:26am
- Joined Dec 2015 | Status: Suuka Maadik | 3,630 Posts
{quote} I buying 10 Lot 1283-1284 and Take Profit 1289 SL 1282.8
Previous day breakout (BO) zones are very important. The rate bounces off these lines. About 1 in 10 times, when hitting a D1 BO line, the rate enters right into the center of a nasty range. Recent such example on gold is the BO at 21 Sep at 1296. This entry was locked until 25 Sep, ALMOST in the middle of the following 3-day range (120-130 pips wide)...
Maadik Hugiis. IQ 69.
- #43,629
- Sep 29, 2017 12:31pm Sep 29, 2017 12:31pm
Trade fearless not careless...
Syed Mohsin Ali Profit This Month:
-805
- #43,631
- Sep 29, 2017 5:25pm Sep 29, 2017 5:25pm
{quote} Gold had a Bullish roll on 1 and 2 day, which would suggest buy dips against 1277.xx but I am a bit wary of it and will track it, for don't like this set up fully as yet with 1280.xxx breach. And Asia having the lows. So canceling my next buy order and moving stops to BE for now, will track it at Am Fix and also later at Pm to see where we at.
- #43,635
- Sep 30, 2017 11:55am Sep 30, 2017 11:55am
- Joined Dec 2015 | Status: Suuka Maadik | 3,630 Posts
Maadik Hugiis. IQ 69.
- #43,640
- Oct 1, 2017 4:58pm Oct 1, 2017 4:58pm
- Joined Dec 2015 | Status: Trader | 8,751 Posts
Here's a top-down technical outlook on XAU/USD (GOLD).
The bearish rejection candlestick, in the shape of a pinbar, formed on the monthly time frame last month gives a high probability of a southward orientation on this pair. This candlestick was formed around a significant resistance zone. A support trendline (chocolate colour) is noticeable on the monthly time frame, but price action is too far from the trendline. We may expect price action to move towards retesting the trendline in the weeks ahead.
On the weekly time frame, a bearish continuation pattern is maintained following through the rejection of a significant resistance zone four weeks ago with a strong bearish pinbar last week, which pierced a weekly S/R zone southward around the 1299.50 area. Price action is respecting the support trendline (chocolate colour) seen on the monthly time frame. Together with a resistance trendline from the high of April 2017 (navy colour) we can see an ascending channel (or expanding wedge?) formed from the support trendline (chocolate colour), and price action is operating within it. Three price waves have been formed within the channel and a fourth is bearing southward. The immediate significant, horizontal support is around the 1236.20 area and may be a natural target of bears in the weeks ahead. This area is just 400 pips from the current location of price action.
On the H4 time frame, price action is operating within a descending channel (bound in magenta-coloured lines) and the technical are pointing towards futher bearish move. But as the most recent price action on the H4 time frame saw the bull resisting further southward move, we may expect a brief pull back towards an area of value, perhaps around the 1290.90 – 1295.70 zone (bound by horizontal magenta-coloured lines) before the southward move continues. This zone is the immediate minor resistance and is in confluence with the 38.2/50 Fib zone of the most recent significant swing on the H4 time frame .
I may be wrong. Trade safe and prosper.
KP
The bearish rejection candlestick, in the shape of a pinbar, formed on the monthly time frame last month gives a high probability of a southward orientation on this pair. This candlestick was formed around a significant resistance zone. A support trendline (chocolate colour) is noticeable on the monthly time frame, but price action is too far from the trendline. We may expect price action to move towards retesting the trendline in the weeks ahead.
On the weekly time frame, a bearish continuation pattern is maintained following through the rejection of a significant resistance zone four weeks ago with a strong bearish pinbar last week, which pierced a weekly S/R zone southward around the 1299.50 area. Price action is respecting the support trendline (chocolate colour) seen on the monthly time frame. Together with a resistance trendline from the high of April 2017 (navy colour) we can see an ascending channel (or expanding wedge?) formed from the support trendline (chocolate colour), and price action is operating within it. Three price waves have been formed within the channel and a fourth is bearing southward. The immediate significant, horizontal support is around the 1236.20 area and may be a natural target of bears in the weeks ahead. This area is just 400 pips from the current location of price action.
On the H4 time frame, price action is operating within a descending channel (bound in magenta-coloured lines) and the technical are pointing towards futher bearish move. But as the most recent price action on the H4 time frame saw the bull resisting further southward move, we may expect a brief pull back towards an area of value, perhaps around the 1290.90 – 1295.70 zone (bound by horizontal magenta-coloured lines) before the southward move continues. This zone is the immediate minor resistance and is in confluence with the 38.2/50 Fib zone of the most recent significant swing on the H4 time frame .
I may be wrong. Trade safe and prosper.
KP
Do your homework, follow the footprints of smart money