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4 + 1 (Metals) strategy

  • #3,201
  • Feb 3, 2020 9:08am Feb 3, 2020 9:08am
MzansiObi should become a prophet.
Intraday gap? Eeeh!
Attached Image (click to enlarge)
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  • #3,202
  • Feb 3, 2020 9:10am Feb 3, 2020 9:10am
Quoting MzansiObi
{quote} Recycled previous buy order for a few shekels but looking at PA, let’s see how current hourly candle closes. If it’s not bullish then bears will wait for some bullish divergence to continue long..... I will buy another at 1472.10 similar SL. currently underwater
Closed half.
rest at entry
4&1 All Time Profit: $37,496
  • #3,203
  • Feb 3, 2020 10:39am Feb 3, 2020 10:39am
Bulls are not giving up on the fight.
That's cool by the way.
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  • #3,204
  • Feb 3, 2020 10:46am Feb 3, 2020 10:46am
Update: H1 Zone has flipped bearish, but following the bullish bounce off of the 200, it becomes a buy dip near 1474.10 \
With an immediate target at 1591....H1 Nullish RSI divergence in play now...

Green Pips
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4&1 All Time Profit: $37,496
  • #3,205
  • Feb 3, 2020 11:09am Feb 3, 2020 11:09am
It may be going back to 1587-88 to fall again. If we find resistance there it will draw HnS on h1 chart
P.S. Trade with the discipline of Money Management and Risk Management.
  • #3,206
  • Feb 3, 2020 11:14am Feb 3, 2020 11:14am
Quoting farukh
It may be going back to 1587-88 to fall again. If we find resistance there it will draw HnS on h1 chart
Agreed. Here is what im looking at and thinking.

That 88/87 level would creat the right hand shoulder for the H1 HnS pattern as Bite mentioned, but the m15 200 handle remains a key resistance point, as such if it carries on capping price, am looking at a dip lower towards that 74 handle that would then complete the inverse HnS on the m15 chart, in line with the bullish H4 and D1 buy zone charts......


Green Pips
4&1 All Time Profit: $37,496
  • #3,207
  • Feb 3, 2020 11:16am Feb 3, 2020 11:16am
Quoting MzansiObi
{quote} Agreed. Here is what im looking at and thinking. That 88/87 level would creat the right hand shoulder for the H1 HnS pattern as Bite mentioned, but the m15 200 handle remains a key resistance point, as such if it carries on capping price, am looking at a dip lower towards that 74 handle that would then complete the inverse HnS on the m15 chart, in line with the bullish H4 and D1 buy zone charts...... Green Pips
associated chart
Attached Image (click to enlarge)
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4&1 All Time Profit: $37,496
  • #3,208
  • Feb 3, 2020 3:08pm Feb 3, 2020 3:08pm
Quoting farukh
It may be going back to 1587-88 to fall again. If we find resistance there it will draw HnS on h1 chart
Yes Farukh, I mentioned that earlier today.
Infact, there is a resistance there from last two weeks.
Let's just watch and see. Anything is possible.
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  • #3,209
  • Edited 5:56pm Feb 3, 2020 5:23pm | Edited 5:56pm
Today is a wider screen too. But, Support has climbed higher with PIVOT a little higher than yesterday yet within the same region.
I don't trust PIVOT in price reversals, it only happen once in a while. May be today may be one of those days.
And then completing the head and shoulder pattern at PIVOT, price will thrust downward.

If this fails, we are going to revisit Resistance during the day.
Big moves will happen today still. Let's ensure we Stay Alive dudes...
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  • #3,210
  • Feb 3, 2020 5:55pm Feb 3, 2020 5:55pm
After thought :
Market may decide to break support to give a false breakout at 1566.98 to trap the bears there before surging up.
Hmmmm...ouk
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  • #3,211
  • Feb 3, 2020 5:59pm Feb 3, 2020 5:59pm
Today is highly deceptive, and will need a lot patience and calculativeness.
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  • #3,212
  • Feb 3, 2020 9:17pm Feb 3, 2020 9:17pm
Quoting MzansiObi
{quote} associated chart {image}
Tagged the lows we were looking for, now looking to see if the highs can be challenged as mentioned by Farukh and Bite to complete the H1 HnS...patience....
4&1 All Time Profit: $37,496
  • #3,213
  • Edited 9:55pm Feb 3, 2020 9:42pm | Edited 9:55pm
Quoting BiteFX
After thought : Market may decide to break support to give a false breakout at 1566.98 to trap the bears there before surging up. Hmmmm...ouk
Bears... Ouk
Support broken and retested.
Chart giving a Descending Triangle breakout at support.
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  • #3,214
  • Feb 3, 2020 10:36pm Feb 3, 2020 10:36pm
4 January 2020


Consolidation of price has seen us dip lower to begin the week, however, although we expect a bullish continuation, the pullback in price together with the momentum and chart structure, shows that we may be due for a correction before the next leg higher, that is, a retest of that 1588/87 handle will see us dip below the H1 200 handle for the first time in weeks as the target lies around 1555.10 where we expect the daily bulls to get the bulls going again, now this isnt to say that we simply begin selling this, we would need to see the following conditions met,

  1. price gets capped at the 1587/88 handle and doesnt break and close higher than 1591.92
  2. PA gets below and remains below the m15 200
  3. PA gets below the H1 200 and manages to stay below it creating a series of lower lows and lower highs
  4. H1 Zone remains bearish while the H4 slopes sideways and eventually downwards

Now as things stand the inside inverse HnS setup on the m15 chart has a target near the upper 1580's but still capped below the head structure of the prospective H1 chart HnS pattern, the H1 is currently bearish while the H4 is turning sideways, as such the bias for the day becomes to sell rallies towards the 1580 handle.

H1: Bearish and Sell Zone:1577.02 - 1578.03
H4: Bullish and buy Zone :1576.41 - 1577.89
D1: Bullish and Buy Zone: 1550.32 - 1567.67

Intra day levels
Upside
1594.83
1592.06
1589.18
1583.52
1580.88
1578.53

Downside
1572.86
1570.87
1565.22
1561.30
1556.06
1542.45

H1 chart
point (i) marks area where we will look for reversal signal for deeper corrective pullback
M15 chart
Price current at point A where we are busy with the right shoulder looking for H1's point (i)

Attached Image(s) (click to enlarge)
Click to Enlarge Name: XAUUSDH1_LI.jpg Size: 765 KB
Click to Enlarge Name: XAUUSDM15_LI.jpg Size: 706 KB
4&1 All Time Profit: $37,496
  • #3,215
  • Feb 3, 2020 11:44pm Feb 3, 2020 11:44pm
Update:

Long 1572.93
SL 1560
TP Open
4&1 All Time Profit: $37,496
  • #3,216
  • Feb 4, 2020 12:38am Feb 4, 2020 12:38am
A typical Castle Pattern detected.
Support acting as the neckline broken downward.
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  • #3,217
  • Feb 4, 2020 1:19am Feb 4, 2020 1:19am
Sell limit at 1573.79. It was support last week Friday and yesterday. Being broken yesterday and earlier today, it needs a retest.
So, we expect more downward move to 1566.87 the breakout level.
It's a Descending Triangle thing.
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  • #3,218
  • Feb 4, 2020 1:29am Feb 4, 2020 1:29am
Sell limit activated.
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  • #3,219
  • Feb 4, 2020 2:29am Feb 4, 2020 2:29am
Quoting BiteFX
Sell limit at 1573.79. It was support last week Friday and yesterday. Being broken yesterday and earlier today, it needs a retest. So, we expect more downward move to 1566.87 the breakout level. It's a Descending Triangle thing.
Great pickup, the fact that the London Opening Hour Candle got pushed back below the H1 200 isnt a good sign for bulls and my long. I might just ditch it now and look for next setup....clear rejection from just below that H1 sell zone.... Lets see....
4&1 All Time Profit: $37,496
  • #3,220
  • Feb 4, 2020 2:29am Feb 4, 2020 2:29am
Take profit at 1566.48
Buy Limit awaits you there.
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