GOLD: pushed down despite US-China trade deal delayed
Updated
Hi Guys,
hope you are all well and doing good with your businesses.
The above chart shows how Gold has been swinging for the last two weeks.
Please note that I modified the RSI to 88 in order to follow price action above and below 200 SMA.
Violet line are just levels.
Despite the news published yesteraday by Reuters at 17:30 that the US-China trade deal was delayed (such news initially scared the market), Gold has been pushed down by 200SMA because, IMHO, positive news of a forthcoming happy ending are prevailing anyhow.
Despite the delay, comments from both US and Chinese representatives remained very optimistic.
In order to put in evidence where this swing is happening, please find below a screenshot of the 1H chart with parameters unchanged compared to the previous ones used in the 15m chart.
The area inside the circle is the move considered in this post.
Below some questions I am asking myself in this moment:
1) is this chart usefull? what does it say?
2) the swings are self evident imho but where should its center of gravity be placed?
3) will the 200SMA keep pushing down?
4) where are the opportunities?
5) is the period xy a distribution period just ended?
6) could it be unfolding a Zig-Zag?
If you have any questions or comment to add please do not hesitate to post it.
Thank you for your support and for sharing your ideas.
Disclaimer:
Please note that I am not a professional trader and these are my personal ideas only. The information contained in this presentation is solely for educational purposes and does not constitute investment advice. The risk of trading in securities markets can be substantial. You should carefully consider if engaging in such activity is suitable to your own financial situation. Cozzamara is not responsible for any liabilities arising from the result of your market involvement or individual trade activities.
IMHO: The point of trading is to make money. To make money you must have money. Depending on the money at your disposal, you can decide what to do and how to do it. By having stops you decide how much you are willing to lose. By having targets you decide how much you want to earn. Be disciplined with your protocol and with your strategies for trading. Sometime you win, sometime you lose. Don't be greedy. Be realistic. Be wary but not afraid. Be curious. Use your brain. As long as your working process make sense and your spirit is calm, everything will be fine. Be patient and be prepared for any circumtances.
hope you are all well and doing good with your businesses.
The above chart shows how Gold has been swinging for the last two weeks.
Please note that I modified the RSI to 88 in order to follow price action above and below 200 SMA.
Violet line are just levels.
Despite the news published yesteraday by Reuters at 17:30 that the US-China trade deal was delayed (such news initially scared the market), Gold has been pushed down by 200SMA because, IMHO, positive news of a forthcoming happy ending are prevailing anyhow.
Despite the delay, comments from both US and Chinese representatives remained very optimistic.
In order to put in evidence where this swing is happening, please find below a screenshot of the 1H chart with parameters unchanged compared to the previous ones used in the 15m chart.
The area inside the circle is the move considered in this post.
Below some questions I am asking myself in this moment:
1) is this chart usefull? what does it say?
2) the swings are self evident imho but where should its center of gravity be placed?
3) will the 200SMA keep pushing down?
4) where are the opportunities?
5) is the period xy a distribution period just ended?
6) could it be unfolding a Zig-Zag?
If you have any questions or comment to add please do not hesitate to post it.
Thank you for your support and for sharing your ideas.
Disclaimer:
Please note that I am not a professional trader and these are my personal ideas only. The information contained in this presentation is solely for educational purposes and does not constitute investment advice. The risk of trading in securities markets can be substantial. You should carefully consider if engaging in such activity is suitable to your own financial situation. Cozzamara is not responsible for any liabilities arising from the result of your market involvement or individual trade activities.
IMHO: The point of trading is to make money. To make money you must have money. Depending on the money at your disposal, you can decide what to do and how to do it. By having stops you decide how much you are willing to lose. By having targets you decide how much you want to earn. Be disciplined with your protocol and with your strategies for trading. Sometime you win, sometime you lose. Don't be greedy. Be realistic. Be wary but not afraid. Be curious. Use your brain. As long as your working process make sense and your spirit is calm, everything will be fine. Be patient and be prepared for any circumtances.
Note
10 min investment R/R 2:1 ($150/$80) for a low lower then double bottom levelNote
10 min investment R/R 3:2 ($150/$100) for a pullback into descending 100SMANote
LossNote
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