I read a ton of stories, how Gold & Silver will skyrocket. I agree, but not now. Here is my analysis, why I oad the Boat at lower prices.
The white pitchfork shows the most probable path of price. If price breaches the L-MLH (Lower-Medianline-Parallel), then it is a sign of a turn in direction. ( read again: "A sign", not a "prediction" ).
The Test/Retest: What's this?
It is, when price breaches the L-MLH, we can expect a test, or even multiple tests (re-test) of the L-MLH. Usually, after a second failed attempt to recapture the L-MLH (returning "into" the the channel of the pitchfork), we see price moving to the opposite side, in thtis case south.
[n]The target for price is allways the next WL = Warning Line (dashed white). It's just a doubeling of the same width from the CL to the L-MLH.
So, there you have it.
The current situation has a superb risk/reward. That's why I'l playing Gold to the south.
What if it's not working out? Well, then I'l hopefully get stopped out without price jumping above my stop/loss, and I'l wait for the next trade.
The white pitchfork shows the most probable path of price. If price breaches the L-MLH (Lower-Medianline-Parallel), then it is a sign of a turn in direction. ( read again: "A sign", not a "prediction" ).
The Test/Retest: What's this?
It is, when price breaches the L-MLH, we can expect a test, or even multiple tests (re-test) of the L-MLH. Usually, after a second failed attempt to recapture the L-MLH (returning "into" the the channel of the pitchfork), we see price moving to the opposite side, in thtis case south.
[n]The target for price is allways the next WL = Warning Line (dashed white). It's just a doubeling of the same width from the CL to the L-MLH.
So, there you have it.
The current situation has a superb risk/reward. That's why I'l playing Gold to the south.
What if it's not working out? Well, then I'l hopefully get stopped out without price jumping above my stop/loss, and I'l wait for the next trade.
Note
Here's an insight, a zoomed view to the GC1! chart above.We see that there's a "pressing" going on below the L-MLH, where I expected a test/retest.
These pressings mostly dissolve in hard break of the pressing line, hence to the south in this case:
Note
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.