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Pro7 PA trading analysis 28+GOLD

  • #4,701
  • Apr 28, 2021 7:01am Apr 28, 2021 7:01am
Quoting TC48
{quote} Hello DA...I like to trade on the small TFs because im in and out quick....but I always keep prozers thread open because its refreshing and good for newbies like me ( only trade part time) Prozer and yourself are really assisting others and its appreciated im sure. Good luck my friend
Thanks man, I really appreciate it.
  • #4,702
  • Apr 28, 2021 7:21am Apr 28, 2021 7:21am
EG adding more.
Attached Image (click to enlarge)
Click to Enlarge Name: eurgbp 28april 2.png Size: 73 KB
  • #4,703
  • Apr 28, 2021 7:24am Apr 28, 2021 7:24am
Quoting aeternum
{quote} I see a lot more to come for USDJPY to drop on 4H but FOMC could take that right out of the picture. {image}
UsdJpy resistance area 109,20/30 be careful there.
  • #4,704
  • Apr 28, 2021 7:26am Apr 28, 2021 7:26am
Quoting Apnaryk
{quote} Sir your quotes are saying that you are a real master...thanks for pure guidance..
Thank you for being here my man.
  • #4,705
  • Apr 28, 2021 7:44am Apr 28, 2021 7:44am
Gold traders beware this afternoon - probably going to get even more volatile then it is already in the run up to the Fed. Shooting up and down 20 pips in a few seconds! Anyway picked up a few pips today so I'm happy enough. Looks like we're headed back up to 1770
  • #4,706
  • Apr 28, 2021 7:46am Apr 28, 2021 7:46am
Quoting Mtinifx
Gold traders beware this afternoon - probably going to get even more volatile then it is already in the run up to the Fed. Shooting up and down 20 pips in a few seconds! Anyway picked up a few pips today so I'm happy enough. Looks like we're headed back up to 1770
thank you sir, i still waiting for 1774
  • #4,707
  • Apr 28, 2021 8:01am Apr 28, 2021 8:01am
Quoting darkangel13
{quote} UsdJpy resistance area 109,20/30 be careful there.
Yes sir I see it at 109.22 but right now it seems like we're waiting for FOMC. Still overbought on 4H, looking for that drop down actually.
A 1 pip gain is better than a 1 pip loss.
  • #4,708
  • Apr 28, 2021 8:11am Apr 28, 2021 8:11am
Did the gold reach bottom in 1763?

Think how the big guys do, now they want buyers... how to get some? they need to convince retail traders to buy? or let me put it this way:

ANYONE DARE TO BUY GOLD!!!

Well, they can always start moving the price up making a new high then down to create a higher low and next move up to a higher high and all the sudden start some traders jump in and sure Big guys let them make money then move the price down to create a feeling of a new chance to make money, this time the number of poor retail traders are much higher and they make money......

Now we have a small trend which motivates buying attitude and we now don't need to be cautious as the trend is defined and sure we want to buy and make money like everyone else. They have a special department that analyzes each candle by taking measures on how fast price react as S/R compaired with time as they can measure the buying/selling power. Now only about timing to hit the steel while its hot.... and the price starts moving suddenly against you.

They already know how retail traders think, they teach us how to define the trend, H&S, divergence, its not that difficult for them.

Now did gold find bottom or its only an illusion made by the big guys ???
  • #4,709
  • Apr 28, 2021 8:20am Apr 28, 2021 8:20am
Quoting darkangel13
Did the gold reach bottom in 1763? Think how the big guys do, now they want buyers... how to get some? they need to convince retail traders to buy? or let me put it this way: ANYONE DARE TO BUY GOLD!!! Well, they can always start moving the price up making a new high then down to create a higher low and next move up to a higher high and all the sudden start some traders jump in and sure Big guys let them make money then move the price down to create a feeling of a new chance to make money, this time the number of poor retail traders are much higher...
From the 4H price action, we see a ton of wicks + close to oversold and we are still supported by 1767.32 support. It may go up to test some resistance levels around 1775/1777, but really all depends on FOMC at this point.
A 1 pip gain is better than a 1 pip loss.
  • #4,710
  • Apr 28, 2021 8:33am Apr 28, 2021 8:33am
Quoting darkangel13
Did the gold reach bottom in 1763? Think how the big guys do, now they want buyers... how to get some? they need to convince retail traders to buy? or let me put it this way: ANYONE DARE TO BUY GOLD!!! Well, they can always start moving the price up making a new high then down to create a higher low and next move up to a higher high and all the sudden start some traders jump in and sure Big guys let them make money then move the price down to create a feeling of a new chance to make money, this time the number of poor retail traders are much higher...
between your words i see a bear?
  • #4,711
  • Apr 28, 2021 8:36am Apr 28, 2021 8:36am
Quoting aeternum
{quote} From the 4H price action, we see a ton of wicks + close to oversold and we are still supported by 1767.32 support. It may go up to test some resistance levels around 1775/1777, but really all depends on FOMC at this point.
Can you explain FOMC's effect on Gold price for me?
I can't wrap my head around fundamental part of trading and analyzing and it's super confusing.
if you don't have time to bother explaining please point me toward a good book or video where I can start learning.
thank you
TESTING MY STRATEGIES...
  • #4,712
  • Apr 28, 2021 8:36am Apr 28, 2021 8:36am
How about that ..... could be the real reason for gold moving ? Or

That :

Biden unveils $1.8 trillion proposal that covers education and aid to families, funded by tax hikes on the wealthy
Attached Image(s) (click to enlarge)
Click to Enlarge Name: US yields.png Size: 59 KB
Click to Enlarge Name: Us10.png Size: 58 KB
  • #4,713
  • Apr 28, 2021 9:09am Apr 28, 2021 9:09am
Quoting Ali-Shachi
{quote} Can you explain FOMC's effect on Gold price for me? I can't wrap my head around fundamental part of trading and analyzing and it's super confusing. if you don't have time to bother explaining please point me toward a good book or video where I can start learning. thank you
FOMC affects USD which affects XAUUSD if that's what you're asking.
A 1 pip gain is better than a 1 pip loss.
  • #4,714
  • Edited 9:27am Apr 28, 2021 9:11am | Edited 9:27am
Quoting aeternum
{quote} From the 4H price action, we see a ton of wicks + close to oversold and we are still supported by 1767.32 support. It may go up to test some resistance levels around 1775/1777, but really all depends on FOMC at this point.
Loads of scalping buys and finally all positions closed at 1774. The 4H candle is looking pretty strong right now.

Edit - took a look at the move down and drew a fib retracement, not a pretty fib line but if it coincides, we'd be looking at 38.2 at 1775/6 level and 50 at 1780. Both of which have been previous support or resistances.

Generally if we follow fib retracement levels, we expect at least 38.2 retracement but gold has yet to give us that, which is 1752 from March lows at 1677 and April highs at 1797. I will have a more bearish biased towards 1752 and if there are bounces from there, we will have to see if it will break 1800 or continue lower (if it continues lower, it means that there was a previous fib count unaccounted for and would likely touch 1677 or break it).

Also attached some charts to illustrate what I am talking about.
Attached Image (click to enlarge)
Click to Enlarge Name: 90e9bad90fa15b71ee265558e4408e05.png Size: 50 KB
A 1 pip gain is better than a 1 pip loss.
  • #4,715
  • Apr 28, 2021 9:14am Apr 28, 2021 9:14am
Quoting Ali-Shachi
{quote} I'm one of the newbies here I appreciate your posts although I don't understand them completely I'm still learning and I have learned a lot from your posts thank you for sharing your knowledge
Any time man, we all here trying to help each other.
  • #4,716
  • Edited 9:34am Apr 28, 2021 9:15am | Edited 9:34am
Quoting aeternum
{quote} Yes sir I see it at 109.22 but right now it seems like we're waiting for FOMC. Still overbought on 4H, looking for that drop down actually.
Based on 4H time frame and current push down, if it gives a good bearish candle and FOMC follows up, we could see a break of 107.47x and head lower into 106.529 Fib extension. Currently it does not seem like it wants to go into 109.22 but anything can happen during FOMC.

Edit - included charts for USDJPY.

Because we broke previous low at 108.48, it is possible that this up move may result in an AB=CD move as well.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: USDJPY 28 Apr 2021 4H.png Size: 39 KB
Click to Enlarge Name: USDJPY 28 Apr 2021 Daily.png Size: 28 KB
A 1 pip gain is better than a 1 pip loss.
  • #4,717
  • Apr 28, 2021 9:21am Apr 28, 2021 9:21am
[quote=darkangel13;13514718]Did the gold reach bottom in 1763? Think how the big guys do, now they want buyers... how to get some? they need to convince retail traders to buy? or let me put it this way: ANYONE DARE TO BUY GOLD!!!

in the present situation wouldnt banks normally push price in the opposite direction to where they eventually want it to go and do it themselves...I mean how strong is the retail trader when it comes to moving the market...
just my 2cent question and looking to go short?
  • #4,718
  • Apr 28, 2021 9:54am Apr 28, 2021 9:54am
Start Buying UsdCad based on daily wolf wave as support 1,2353/65. No SL for now.

Start selling GbpUsd, SL close above 1,3925 on 1hr
Attached Image(s) (click to enlarge)
Click to Enlarge Name: UsdCad.png Size: 98 KB
Click to Enlarge Name: GbpUsd 28april.png Size: 81 KB
  • #4,719
  • Apr 28, 2021 9:56am Apr 28, 2021 9:56am
Quoting darkangel13
Start Buying UsdCad based on daily wolf wave as support 1,2353/65. No SL for now. Start selling GbpUsd, SL close above 1,3925 on 1hr {image} {image}
thank you my master,
  • #4,720
  • Apr 28, 2021 10:09am Apr 28, 2021 10:09am
Don't trade today:

Try to clean your table, doesn't matter if its profit or loss. As in such news price will fly up and down.

If you have to trade then take some pair that will not be affected by the news, like EurGbp, I recommend highly taking a break do something you love at that time.

The market will be here tomorrow.

I am taking a break and will be back before the news.
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