It's been a Volatile Tuesday Trading Gold
Updated
https://www.tradingview.com/x/jC6n3oQB/
I would prefer to see the 2531 -2532 area taken out first.
However, BUY GOLD at current price. The price action is looking healthy.
Besides, good consumer confidence can't be ALL-Bad
I would prefer to see the 2531 -2532 area taken out first.
However, BUY GOLD at current price. The price action is looking healthy.
Besides, good consumer confidence can't be ALL-Bad
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Buy Gold at current price up until 2520.
SL 2515
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Despite a bounce back in price and well above the 1HR 20 EMA
This is still a risky long until we break a price of 2532.
WHY? A triple top could form at any price level now up until 2531. However, we have momenum and I think price will push through.
I would risk ONLY 0.25% OF TOTAL CAPITAL
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FIB RETRACEMENT
2512 STOP LOSS
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WAITING for a BREAK above the price of 2531.70 is a safer trade.Comment
only 0.6% away....Price will then rally on a break above 2531.70 once buy order settle downTrade active
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Buy now at current market price.
SL 2511.... to be on the safe side
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LONG GOLD:
I have given you 2 Options above if you would like to follow my trade...
No triple top has formed so far.
Price also broke out of a wedge recently on the 30m which is good price action
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A Fib Retracent could take price down to 2511.70 level.
But I can't see this playing out
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LONG:
Be aware there is a nasty forming bearish M-TOP forming perfectly on the 4hr.
But as I say .... I still expect price action to push through these levels until 2531.60
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LONG GOLD
The 2m chart looks really good
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Gold is currently in a rising wedge on the 3m getting good supportComment
2518.10 is next important level to break throughTrade active
A healthy Cup formation is forming on the 1m & 2m. I expect price to write a handle now where price could fall just a little before shooting up strongTrade active
So far no TOP3 has emerged. This tells me the price action is healthy for this trade LongComment
The number 1 free ORDER-BLOCK indicator is called MSB-OB by a clever guy named EMERCK or similar spelling. Comment
What I basically do at when price is accumulating like this is constantly scan charts from 1m right through to 30m. I look for + & compare to -Comment
Now on the 5m we have entered a bearish order block. This won;t be a roadblock upwards. Soon I think we will break 2518.10. This is very important because the first Top3 has just formed on low tfComment
Rather it's atop 2 on the 1m. Top1 Top2 & Top 3 sometimes more make me nervous until price breaks them.Comment
I trade a lot of SHAPES and PATTERNS. Your number 1 indicator is TVs proprietry indicator ALL CHART PATTERNS. I use it constantly. It takes getting used to because you get bloody triangle and boxes all over your screen. It also with precision finds heads n shoulders and TOPS and BOTTOMSComment
I have noticed over the years that the Market Makers generally do not like it when everyone jumps on a PRICE BREAKOUT which is what just occurred at 2518.
They will take price higher and then turn it around to TAKE OUT STOPS of people who only just got LONG
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ALL TIMEFRAMES right up to the 2H look good for this trade going up.Comment
Another tip... I find the 50ema on the 1hr to be a critical support level when trading gold. It is currently about 2511.30Comment
a bullish cup and handle formed on the 2m. Up we go soon. I am not a great fan of trading cups because price can often deeply retrace firstComment
2520.23 will however be a very bullish breakout of this cupComment
These market makers who only care about making their fat-banker-mates money really don't care whether we lose and blow accounts.
It seems lately with the bullishness set for the gold price in a few weeks that they are hunting down every stop loss on the order block
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See how the price action on this 1HR is still sort of hugging my EMAs and getting support. Yellow is 9. Light blue 20. Dark blue 50. Purple 200. At last view we are sitting above the important 50 on 1hrComment
For anyone not LONG on Gold. Down at these levels although I get it scary but I think it represents a good BUY. I am quietly confident this recent low is a swing low and price will move up from here. The 200ema 1hr was respected 2511.30 which is why I placed our stop just below the 50ema.
If you go long here you could STOP at 2509
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2507.80 would be your best STOP. It is just below a buy-order blockComment
Nasty nasty market-maker sorry guys our stop was hunted down. Have a look at this chart which is where the bearish pattern ends. I'm not saying this pattern completion will occur. They take out the stops and then fling price upwards.
Order cancelled
Cancel LONGS GUY.
Bearish Heads n Shoulders.
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Im sorry everyone... Everything was pointing to a price recovery. But this bearish Head n shoulders has been breached at the neckline. See on right how far I see price going.
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See my white scribble where this bearish head n shoulders has gone on the 30m and it appears to have retested above the neckliine so I am about 70-30 bearish now.Comment
My latest analysis on the Gold price.
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Please see my latest bitcoin analysis and a possible trade idea playing out right now.
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Update Wednesday close to start of London:
Price is getting bounced around but that's what happens until the next leg down occurs. Take a look at the daily chart right of screen. That is a classic MTOP formation as well. Sometimes they are not respected. It depends where they want to take price. I am still Short gold but getting chopped around a bit. Made some good money today.
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So if you look at these charts, I study these MTOPS sell-offs a fair bit to see what price action does. I think it is a 30m, 2hr and daily from memory but click on chart and have another look. You can see the gold price has sold off down the channel and once its. pattern completes price wants to retrace and continue. in its previous intended direction which wouldve been up because this is a sell off. So you could easily draw that conclusion that price is retracing were goin back up. But what about the massive MTOP neckline that price past through? What about the oversold condition of daily and weekly stochastics and rsi and macd crossing down as well. Price has not. made a healthy retreat back up the hill, there is no momentum to the upside. They want you to work for your money they don't serve it up on a silver platter. Price is headed down in Gold and according to how the Mtop got taken at the neck I worked out price could retreat to 2482 +- 1 or 2.Comment
Finally, here are the daily and weekly oscillators that I swear by.
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