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Joined Sep 2012
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Status: world saver
|311 Posts
popularity of gold is important... which price area in what kind of financial trend can be attraktive to make volume, that people stay to interest in gold ... this issue is for marginal guesses, to think about...
how would one draw support and resistance on this 5min chart ? (looks almost like the daily chart)
Ignored
I can't draw on this computer -- I'll illustrate later -- but on most time scales I will have a set of "current" support/resistance (often a channel) which is more or less just a reference and a set of minimum/maximum support/resistance where price usually reverses drawn either from long-term averages for high volatility vehicles or long-term trend lines for low-volatility vehicles for buy/sell entry signals.
I've played around with different settings on different time scales but since trend lines are basically averaging the highs and lows over time there is no advantage to chaining from the default on most charting systems of 14.
You can always make money tomorrow provided you don't lose it today.
At the moment in a short, would like to target around 1626. But I might pull the plug earlier if it doesn't reach it by Friday afternoon. (or if it turns up, that's possible too, see scenario).....................................
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I jumped out of my short here at 1641, I don't like how it was bouncing again from the support there.
So out.. but afraid of putting a Long in, so flat.
Well he probably means the levels that have some magnetic power to them.
I posted some charts and some lvls too yesterday. Here is a quote of one of them posts.
You can see that the level 1637.7x is a magnet as well. See the two thrusts south on your H1, they end around/on that level.
