Hello All and Good Morning.
YESTERDAY'S RECAP!
We had our traps set for both the major trends (DOWNTREND & UPTREND) With the UPTREND we were seeing soo much BUYING PRESSURE , and had TRAPS SET at $1890 , 1895 and $1897 once these zones were broken then seeing $1911 was our FIRST TAKE PROFIT ZONE, and yes the zones were broken and we did reach $1911-14, but then i updated coz i was expecting some consolidation in the $1911 zone and yes we did see the consolidation and it's valid up to now.
TODAY'S MARKET.
We seem to be BEARISH again, i have been anticipating for GOLD FALL since the end of last week, there is a GOLD DUMP coming so we should approach the MARKET with CAUTION, anyways and as always we have our traps set for today's Market, basically $1911 seems to be a very strong RESISTANCE ZONE, there is been some DECLINES which is a sign of TREND REVERSAL, secondly as we all know when the MARKET is on the RISE and then comes to a STOP and starts to consolidate(RANGING) this is proof enough that there is change in trend, however the TREND CHANGE must be confirmed before anyone get's their ENTRIES. So incase the BULLS are to continue PUSHING HIGHER then we need to see LEVEL $1911 BROKEN with too much POWER then $1915 and $1917 , after we see the levels have been broken we should expect a retest at least at $1905 , this is basically our PULLBACK zone and then SKY ROCKETS and see our Today's TAKE PROFIT ZONE at $1925 second TAKE PROFIT is very possible at $1928 but then the 3rd TAKE PROFIT ZONE is $1935.
For our FALL to START we need to see levels $1893 , $1890 and $1887 broken first , once they are broken then seeing $1870 is OUR FIRST TAKE PROFIT ZONE, however to make the Fall very STRONG then we should see $1887 hit and then a RETEST back to around $1893 - 96 then the fall continues however if the retest pulls back even further it's okay but then should not break $1903 i marked the level with an "X" on the chart. Generally speaking BEARS have gained momentum and they are getting into the MARKET , but you know the MARKET also has it's own way of trapping us so that's why we confirm first see a retest and enter the market, i'm sure you've all heard of BULL TRAPS and BEAR TRAPS, this is something you need to be cautious with otherwise you might end up sweeping your accounts clean.
In 4 hour time frame we can see clearly that the MARKET is on the RAGE of falling it has actually hit resistance level $1811 and now it's heading back down, the same applies in # hour time frame, this is what makes us SEE the fall in clearer way and making it easy for us to make our moves, in 15 minutes time frames We can see sellers are as well in control of the MARKET although they are within the CONSOLIDATION RANGE.
That's all for now see you later with AN update.
YESTERDAY'S RECAP!
We had our traps set for both the major trends (DOWNTREND & UPTREND) With the UPTREND we were seeing soo much BUYING PRESSURE , and had TRAPS SET at $1890 , 1895 and $1897 once these zones were broken then seeing $1911 was our FIRST TAKE PROFIT ZONE, and yes the zones were broken and we did reach $1911-14, but then i updated coz i was expecting some consolidation in the $1911 zone and yes we did see the consolidation and it's valid up to now.
TODAY'S MARKET.
We seem to be BEARISH again, i have been anticipating for GOLD FALL since the end of last week, there is a GOLD DUMP coming so we should approach the MARKET with CAUTION, anyways and as always we have our traps set for today's Market, basically $1911 seems to be a very strong RESISTANCE ZONE, there is been some DECLINES which is a sign of TREND REVERSAL, secondly as we all know when the MARKET is on the RISE and then comes to a STOP and starts to consolidate(RANGING) this is proof enough that there is change in trend, however the TREND CHANGE must be confirmed before anyone get's their ENTRIES. So incase the BULLS are to continue PUSHING HIGHER then we need to see LEVEL $1911 BROKEN with too much POWER then $1915 and $1917 , after we see the levels have been broken we should expect a retest at least at $1905 , this is basically our PULLBACK zone and then SKY ROCKETS and see our Today's TAKE PROFIT ZONE at $1925 second TAKE PROFIT is very possible at $1928 but then the 3rd TAKE PROFIT ZONE is $1935.
For our FALL to START we need to see levels $1893 , $1890 and $1887 broken first , once they are broken then seeing $1870 is OUR FIRST TAKE PROFIT ZONE, however to make the Fall very STRONG then we should see $1887 hit and then a RETEST back to around $1893 - 96 then the fall continues however if the retest pulls back even further it's okay but then should not break $1903 i marked the level with an "X" on the chart. Generally speaking BEARS have gained momentum and they are getting into the MARKET , but you know the MARKET also has it's own way of trapping us so that's why we confirm first see a retest and enter the market, i'm sure you've all heard of BULL TRAPS and BEAR TRAPS, this is something you need to be cautious with otherwise you might end up sweeping your accounts clean.
In 4 hour time frame we can see clearly that the MARKET is on the RAGE of falling it has actually hit resistance level $1811 and now it's heading back down, the same applies in # hour time frame, this is what makes us SEE the fall in clearer way and making it easy for us to make our moves, in 15 minutes time frames We can see sellers are as well in control of the MARKET although they are within the CONSOLIDATION RANGE.
That's all for now see you later with AN update.
Note
Guys there is a possibility of a RETEST to $1902-03, if we see the retest i'll just confirm the candle pressure and possibly decide my 3rd sell entry, however the RETEST to $1902-03 is proved by the INDECISION CANDLE in 15MTF and 45MTF.If the current BEARISH CANDLE closes below the previous BULLISH CANDLE that is A proof of increase of our SELLING PRESSURE.
However the RETEST to $1902-03 is approved by the INDECISION CANDLE in 15TMF
Note
Why did i have an EARLY SELL ENTRY?As you all know i trade in 1HTF and looking at our chart there is an indecision CANDLE exactly BEFORE the LONG BEARISH CANDLE which OPENED at $1912 and CLOSED at $1905 , as many of you already KNOW my concept once we see an indecision candle this is one of the INDICATIONS to prove to us that there is change of trend formation.
In short what i mean is, when you see an indecision candle at any POINT(RESISTANCE/SUPPORT) this is a good indication of trend reversal, in most scenarios when you see the CANDLE at the top of an UPTREND and then the next Candle is BEARISH and has GOOD SELLING PRESSURE ,whereby the BEARISH CANDLE closed below the INDECISION CANDLE then that's your first indication.
Another REASON for my SELL ENTRY is that the current PRICE proves selling pressure this is where we see a lot of bearish CANDLES and too little Bullish candles , for instance in the example above we can see 3- 4 bearish candles and then we see 1-2 bullish candles.
The opposite of the above is on the BEARISH TREND REVERSAL.
Note
There is our retest. Kindly note OUR MAJOR TREND IS BULLISH, so if we are to sell then we are selling on A BULLISH TREND, this indicates that the sell entries we are having are short, and that's why i told you not to have those SELL ENTRIES.Note
There is a MINOR change in our PRICE ACTION, Seems as if we are going further up, however we are yet to confirm, the retest i expected went further and broke zones that i had not identified in my earlier post.I'm going to close my entries with a short!
Note
If the current price closes at $1914 and then moves back and retests at $1907 then we are going up and seeing $1925-28 will be possible, if it breaks $1907 then that's not our entry, so we wait for further CONFIRMATION. MEANWHILE i have applied the SYMMETRICAL TRAINGLE to further confirm our TREND DIRECTION, i'll be back soon with an update.
Note
GUYS level $1907 was broken and now we have good selling pressure , let's gear up!Note
Be ready for our evening session, meanwhile scalping is pushing.Note
OUR session is IN! gear up we about to break the MARKET!Note
The US Bureau of Labor Statistics reported on Tuesday that inflation in the United States, as measured by the Consumer Price Index (CPI), declined to 6% on a yearly basis in February from 6.4% in January. This reading came in line with the market expectation. On a monthly basis, the CPI was up 0.4%, matching analysts' estimate.Possible change in trend, however i already mentioned the upward targets $1925-28- and possibly ending at $1935, the market is about to be soo very choppy
Note
Guys be on the look out, consider the traps we had set. $1897 BROKEN guys be ready for our next confirmation zone see a retest and have your entries.Note
Today's MARKET has resisted soo much, scalping was good although my daily PROFIT LIMIT was not achieved but it's normal, but when the MARKET starts like this at this early start of the week shows a wider picture of what will happen in the days to come.Up until now no major signals activated, but as always it is temporary and nothing to worry of, today didn't work out but tomorrow will.
CONGRATS for those who did COLLECT profits today, today was your lucky day.
Up until tomorrow do wish you all a wonderful evening.
Note
I just went DEEPER on Gold and Guys, what could be happening here is that the consolidation might last for a while and after the consolidation we should see a short fall to around $1850 there and then THE MARKET will SKY ROCKET to at least $1970-$2000.I have my WORRIES over the above CLAIMS, but i'm sure i'll be able to ESTABLISH a much stronger BASE tomorrow.
Let me hope when i revisit the MARKET tomorrow there will be change in STRUCTURE and TRADERS! BULLS are SERIOUSLY dominating the MARKET in a very AGGRESSIVE MODE mainly in 1 DAY TIME FRAME.
Meanwhile let's relax , meditate and hope for changes tomorrow otherwise we'll be SCALPING for the whole of this week as we wait for our MAJOR BREAKOUTS.
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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.