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XAU/USD & XAG/USD - Gold & Silver Traders Thread
- #48,202
- Feb 22, 2019 10:41pm Feb 22, 2019 10:41pm
- Joined Mar 2008 | Status: Fooled by randomness | 8,360 Posts
XAUUSD 4H Chart: I have a valid Long entry on a 4H chart: [Short Correction or Long Reversal]? Price taken down to MLY Open and a Higher Low. TP $1351 SL $1322.30 Cheers, U2 {image}
When life gives you lemons, make lemonade
- #48,204
- Feb 24, 2019 3:26pm Feb 24, 2019 3:26pm
- Joined Dec 2015 | Status: Trader | 8,751 Posts
Are you tracking gold this week? Here's my technical perspective on XAUUSD.
A morning star formation appeared on the daily time frame after the Thursday session. Technically this is a bearish setup, particularly as it formed near a horizontal resistance zone that has held for quite a long while. Last Friday, bulls attempted to take price action northward but the attempt was checkmated by bears, resulting in the printing of a bearish pinbar. Besides, the technicals indicate a waning of a bullish momentum. However, as price action is still respecting a support trendline (red) traceable to November 2018, we may have to wait for a bearish breakdown of the trendline on a daily closing basis before having confidence in a southward turnaround.
I am bearish XAUUSD on a short-term basis.
I may be wrong. Trade safe and prosper.
KP
A morning star formation appeared on the daily time frame after the Thursday session. Technically this is a bearish setup, particularly as it formed near a horizontal resistance zone that has held for quite a long while. Last Friday, bulls attempted to take price action northward but the attempt was checkmated by bears, resulting in the printing of a bearish pinbar. Besides, the technicals indicate a waning of a bullish momentum. However, as price action is still respecting a support trendline (red) traceable to November 2018, we may have to wait for a bearish breakdown of the trendline on a daily closing basis before having confidence in a southward turnaround.
I am bearish XAUUSD on a short-term basis.
I may be wrong. Trade safe and prosper.
KP
Do your homework, follow the footprints of smart money
- #48,205
- Feb 24, 2019 6:35pm Feb 24, 2019 6:35pm
- Joined Mar 2006 | Status: Trade the reaction not the news! | 10,359 Posts
- #48,210
- Feb 27, 2019 10:11am Feb 27, 2019 10:11am
{quote} Thanks for the info brother!! I am waiting for the H&S pattern to break at the neck of 1323 range to place the shorts.
Well I m having short from 1140.
P.S. Trade with the discipline of Money Management and Risk Management.
- #48,211
- Feb 27, 2019 10:27am Feb 27, 2019 10:27am
- Joined Mar 2006 | Status: Trade the reaction not the news! | 10,359 Posts
- #48,212
- Feb 27, 2019 10:31am Feb 27, 2019 10:31am
{quote} We all learn from each other bro
I traded various shorts on the right shoulder from 1330 to 1323 ( just now I have closed it manually)
A sideline question, fundamentally do you think all market makers have bought the Gold contacts to avert the risk of global slowdown for this year? because I can still sense the bullish pressure on the chart.
- #48,216
- Feb 28, 2019 12:04am Feb 28, 2019 12:04am
- | Membership Revoked | Joined Dec 2016 | 1,824 Posts
da n0o0b + $hit_Disturber 
- #48,217
- Feb 28, 2019 12:18am Feb 28, 2019 12:18am
{quote} Appreciate you!! I think its typo ..I guess you mean 1345? I traded various shorts on the right shoulder from 1330 to 1323 ( just now I have closed it manually) A sideline question, fundamentally do you think all market makers have bought the Gold contacts to avert the risk of global slowdown for this year? because I can still sense the bullish pressure on the chart.
that was typo error 1340.You are suspecting correct. As the market also plays psychological, it may go down to hit stop losses of small buyers which r usually more in numbers then go higher.
I may be wrong so we should trade keeping money management as per our respective equities.
Yes as I said earlier it has been in a range since 2016 so it can go further higher if this range breaks but who knows when it is going to..
P.S. Trade with the discipline of Money Management and Risk Management.
