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Gold Mining - Using Each Trading Day's Trend

  • #21
  • Edited 2:37am Mar 3, 2020 1:59am | Edited 2:37am
Quoting Skoljkica
Hi BiteFX, i expect Gold to find support at 1585.86 (61.8% Week Support) and go up to 1600.97 (100% Week Resistance). If price breaks that and find support, it should go up to 1616.07 (38.2% Week Resistance). {image}
Morning Bite,

price did find support at 1585.86 and it tried to break 1600.97 2 times at H4 chart.
I will look a behavior of price at 1600.97. If price can't break it again, short down to 1570.76 (23.6% Week Support (WS)) which is also price's daily range looking at H1 chart, 1572.21 (100% Day Support (DS)).
Otherwise, if price finds support at 1600.97, buy up to 1616.07 (38.2% Week Resistance (WR)), 1619.23 (100% Day Resistance (DR)), also daily range.
Attached Image (click to enlarge)
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Attached Image (click to enlarge)
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Always expect unexpected.
  • #22
  • Mar 3, 2020 2:32am Mar 3, 2020 2:32am
Hi Bite,
Glad you finally got your thread started
Thank you, for your intention of helping fellow traders to get profit
Open for criticsm and Focus to use the imagination

Stay Alive
  • #23
  • Mar 3, 2020 4:32am Mar 3, 2020 4:32am
Quoting Skoljkica
{quote} Morning Bite, price did find support at 1585.86 and it tried to break 1600.97 2 times at H4 chart. I will look a behavior of price at 1600.97. If price can't break it again, short down to 1570.76 (23.6% Week Support (WS)) which is also price's daily range looking at H1 chart, 1572.21 (100% Day Support (DS)). Otherwise, if price finds support at 1600.97, buy up to 1616.07 (38.2% Week Resistance (WR)), 1619.23 (100% Day Resistance (DR)), also daily range. {image}{image}
Morning bro.
Yes, great analysis. 1570 is on sight.
1600 being the real biting area on the chart for now I guess as a psychological level. 1500 too not undermined.

But, I am thinking that before Gold can recover from that Friday's fall, it will take some time...
Learn... Work Hard... Trade Alone
  • #24
  • Mar 3, 2020 4:45am Mar 3, 2020 4:45am
Quoting learninff
Hi Bite, Glad you finally got your thread started Thank you, for your intention of helping fellow traders to get profit Open for criticsm and Focus to use the imagination Stay Alive
Learninff, my pleasure.
You're welcome on board. Let's mine Gold together.

Of course, criticism is related to curiosity it will drive in observation and conclusion as we follow our imagination where ever it leads.

My greatest critic is MARKET PRICE . Once it says I am wrong, I lose money. And then, I begin to work on how to be right, so that the money follows as natural as Fibonacci numbers.

This is needed to make progress.
We Stay Alive dude
Learn... Work Hard... Trade Alone
  • #25
  • Mar 3, 2020 4:46am Mar 3, 2020 4:46am
Quoting BiteFX
{quote} Morning bro. Yes, great analysis. 1570 is on sight. 1600 being the real biting area on the chart for now I guess as a psychological level. 1500 too not undermined. But, I am thinking that before Gold can recover from that Friday's fall, it will take some time...
Thanks.
Price is again on it's way to 1600. Let's see what happens next. Next resistance is at 1604.70
But I think price could go lower.
Everything is possible.
Always expect unexpected.
  • #26
  • Mar 3, 2020 4:49am Mar 3, 2020 4:49am
Quoting Skoljkica
{quote} Thanks. Price is again on it's way to 1600. Let's see what happens next. Next resistance is at 1604.70 But I think price could go lower. Everything is possible.
Yes bro, This is Forex, anything is possible o.
Learn... Work Hard... Trade Alone
  • #27
  • Mar 3, 2020 4:52am Mar 3, 2020 4:52am
Are there any events today aside from the G7 meeting?
Learn... Work Hard... Trade Alone
  • #28
  • Mar 3, 2020 4:56am Mar 3, 2020 4:56am
Quoting BiteFX
Are there any events today aside from the G7 meeting?
USD - FOMC Member Mester Speaks, but not sure how big impact will be. Any thoughts?
Always expect unexpected.
  • #29
  • Mar 3, 2020 5:04am Mar 3, 2020 5:04am
Quoting Skoljkica
{quote} USD - FOMC Member Mester Speaks, but not sure how big impact will be. Any thoughts?
Ouk... Thanks man.
Learn... Work Hard... Trade Alone
  • #30
  • Mar 3, 2020 5:52am Mar 3, 2020 5:52am
Quoting Skoljkica
{quote} Thanks. Price is again on it's way to 1600. Let's see what happens next. Next resistance is at 1604.70 But I think price could go lower. Everything is possible.
Gold's got that level 1604.70
Also, currently at Breakout-1604.45 as on earlier chart today.
If, Price does not get to Reversal-1619.78, then some moves to the downside is possible.
Learn... Work Hard... Trade Alone
  • #31
  • Mar 3, 2020 6:02am Mar 3, 2020 6:02am
Quoting BiteFX
{quote} Gold's got that level 1604.70 Also, currently at Breakout-1604.45 as on earlier chart today. If, Price does not get to Reversal-1619.78, then some moves to the downside is possible.
Yes it went up to 1604.70, now we will see is 1600 going to become support.
For up I am aiming 1616.07 on week level, but as you mentioned 1619.23 is day resistance, easily price could go there.
Always expect unexpected.
  • #32
  • Mar 3, 2020 6:03am Mar 3, 2020 6:03am
Kai...Price took my stop loss at Breakout-1604.45 hmmm

But, since I am only looking for short opportunities today, I got one last Sell Limit order activated there at Breakout-1604.45 and Stop Loss at Reversal-1619.78.

I am always wrong until Market Price says I am right.

I stay Alive.
Learn... Work Hard... Trade Alone
  • #33
  • Mar 3, 2020 6:07am Mar 3, 2020 6:07am
Quoting Skoljkica
{quote} Yes it went up to 1604.70, now we will see is 1600 going to become support. For up I am aiming 1616.07 on week level, but as you mentioned 1619.23 is day resistance, easily price could go there.
Ouk...
Learn... Work Hard... Trade Alone
  • #34
  • Mar 3, 2020 6:09am Mar 3, 2020 6:09am
Stay alive. Be prepared for anything.
Always expect unexpected.
  • #35
  • Mar 3, 2020 6:19am Mar 3, 2020 6:19am
I expect one more push up to 1604.70 maybe little higher and I will enter short there with TP 1600, and small SL 15 pips.
I hope my expectations will come true, but never know.
Always expect unexpected.
  • #36
  • Mar 3, 2020 6:20am Mar 3, 2020 6:20am
Bulls are naturally stubborn creatures.
They tried to Breakout yesterday, and are still doing the same today.
Learn... Work Hard... Trade Alone
  • #37
  • Mar 3, 2020 6:24am Mar 3, 2020 6:24am
Quoting BiteFX
Bulls are naturally stubborn creatures. They tried to Breakout yesterday, and are still doing the same today.
Run while you can. No trading for me for now, 1600 is there, bull could jump in front of me.
Stay alive!
Always expect unexpected.
  • #38
  • Mar 3, 2020 6:25am Mar 3, 2020 6:25am
Quoting Skoljkica
I expect one more push up to 1604.70 maybe little higher and I will enter short there with TP 1600, and small SL 15 pips. I hope my expectations will come true, but never know.
Oh! I thought you were already long.

Bro, no one ever knows...It's on the first post.
If you've done your Maths, then put your money where your mouth is.
Learn... Work Hard... Trade Alone
  • #39
  • Mar 3, 2020 6:29am Mar 3, 2020 6:29am
Quoting BiteFX
{quote} Oh! I thought you were already long. Bro, no one ever knows...It's on the first post. If you've done your Maths, then put your money where your mouth is.
Didn't go long, need to see price action from 1600-1604. If price holds again 1600 it could go up. Not sure yet.
Always expect unexpected.
  • #40
  • Mar 3, 2020 6:29am Mar 3, 2020 6:29am
Quoting Skoljkica
{quote} Run while you can. No trading for me for now, 1600 is there, bull could jump in front of me. Stay alive!
...Thanks for the piece.
But, let them go to my Stop loss, then and only then, do I know I was wrong.

Trade Idea lasts till 22:00 server time for today.

I stay Alive.
Learn... Work Hard... Trade Alone
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