now waiting for reaction
first H1 candle made little leg
looks like she wants to go little more downward before resuming uptrend.
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DislikedSo finally I didn't keep that trade. (Buy @ 1773 TP 1789 SL 1769)
I could get some 5$,
But that triangle and candlestick formation made me change my mind.
Now a descending triangle visible in H4. Target @1756. I'd say 1760.
I'll wait and see.Ignored
QuoteDisliked1. Trend: In order to qualify as a continuation pattern, an established trend should exist. However, because the descending triangle is definitely a bearish pattern, the length and duration of the current trend is not as important. The robustness of the formation is paramount.
2. Lower Horizontal Line: At least 2 reaction lows are required to form the lower horizontal line. The lows do not have to be exact, but should be within reasonable proximity of each other. There should be some distance separating the lows and a reaction high between them.
3. Upper Descending Trend Line: At least two reaction highs are required to form the upper descending trend line. These reaction highs should be successively lower and there should be some distance between the highs. If a more recent reaction high is equal to or greater than the previous reaction high, then the descending triangle is not valid.
4. Duration: The length of the pattern can range from a few weeks to many months, with the average pattern lasting from 1-3 months.
5. Volume: As the pattern develops, volume usually contracts. When the downside break occurs, there would ideally be an expansion of volume for confirmation. While volume confirmation is preferred, it is not always necessary.
6. Return to Breakout: A basic tenet of technical analysis is that broken support turns into resistance and visa versa. When the horizontal support line of the descending triangle is broken, it turns into resistance. Sometimes there will be a return to this newfound resistance level before the down move begins in earnest.
7. Target: Once the breakout has occurred, the price projection is found by measuring the widest distance of the pattern and subtracting it from the resistance breakout.
DislikedThis is what I was talking about.
I really don't expect anyone to tell me where to buy or to sell.
I'm just expecting to be aware of possible outcomes.
As I told you before, I had an entry order to buy @ 1773, and I deleted it because PA was telling me something different.
Two triangles, first one was broken and retested, price came inside the triange so I expected higher prices. Gold use to fake. Nop. Price went down again. The second triangle was broken and price was up again. That's why I told I don't like fridays afternoons. No...Ignored
DislikedThe price is not anywhere close to any points as it would need to be to inflict medium term fallout.
The easiest way is to look at support and resistance areas.
For instance it opened last night and dipped to the old High before the last little stall which is 1760.
Now it has bounced of that area and is back up $15 USD to 1775
So there are two trade possibilities - one would have been to short 1775 to 1760.
The other set a buy on the support at 1760 1761 and you would have been picked up and filled. Now resting on a 15 USD move appx.
I...Ignored
DislikedYes, Mr. XTrade.
I do take note of your signal and whatever you wrote. LP and you, have really given so much for me to learn. It is not an easy feat. But I will learn.
Thank you both for giving out.
breezeIgnored
DislikedThis is not directed at any one in particular - I see a lot of people in here looking at lower timeframes and Xtrade is consistently preaching the values of looking at higher timeframes. From a statistical point of view, you have to realize that more data is more reliable... that just makes sense right? So why do people try to determine whether or not trends have reversed or not after 1 or 2 hours of lower prices. I have created an image which shows the difference in size that the timeframes are in relation to each other. The weekly has 576x...Ignored
DislikedHi everyone, I've taken a short from 1773.35 based on H&S and break of trend line. I don't have a particular target, I will just try to scalp as many pips as price will give me. Chart H1Ignored
DislikedDear-XTrade
Through my reading of your posts Value noticed you are on the experience and expertise sufficient in yellow metal - gold - and most of the traders here are people who are novices and I am one of them I wish to be your posts in a language understood by more so that we can analyze and I'm here I'm talking about myself, I hope you help to gain for me and my family through as this work is said to benefit from Giralnas --- people --- and here we talk about why a big cake for thee
thank you so mu......Ignored
DislikedMay I suggest that if English is not your first language and you want to be understood, that you use very short sentences (even this one is too long).Ignored
DislikedTrading is not an OVERNIGHT crash course to success.
You HAVE TO DO THE TIME
If people could pay for success then every noob that started a demo would lose 50,000 USD before being successful.
The main point of this thread has always been to share ideas and analysis with others. I don't post anything I don't stand behind, have looked at and I am ready to back up or have done so, within one sentance of the Question - Why?
You have come to the right place, yet do the TIME if you are interested.
GOLD itself is a fascinating metal...Ignored
Dislikednobody can predict as crystalballs break.
itnterday, no your days range as a general rule along with s/r of your timeframes as they may line up with each other.
gold up from fri. close and found support at weekly pivot 1730 area breaking weekly highs 1762 area, if you buy at 1778 mm will permit 1760, and mm will permit a rescue at 1730-38 area.
mind your mm.
weekly chart
1798
1738
1716Ignored
DislikedI just bought at 1768, in the 4h timeframe, 30 SMA seems to hold, last swing down in the 1h timeframe showed nice support.Waiting for a new swing to the upside later in the day over 1800.Ignored
DislikedI just bought at 1768, in the 4h timeframe, 30 SMA seems to hold, last swing down in the 1h timeframe showed nice support.Waiting for a new swing to the upside later in the day over 1800.Ignored
DislikedEvery noob should read this
http://en.wikipedia.org/wiki/Gold
Historical charts can be found here http://www.kitco.com/charts/
"
On March 17, 1968, economic circumstances caused the collapse of the gold pool, and a two-tiered pricing scheme was established whereby gold was still used to settle international accounts at the old $35.00 per troy ounce ($1.13/g) but the price of gold on the private market was allowed to fluctuate; this two-tiered pricing system was abandoned in 1975 when the price of gold was left to find its...Ignored