I Just Bought Back-In To Gold @ A Fib - Retracement

Updated

https://www.tradingview.com/x/yfVip52C/

As I have been saying so far during Asia Friday trading I had no Long positions in Gold. Squeezed out like everyone else. (I don't know how those people do it who buy on weakness & accrue - I have to take a page out of their book).

The 'funny' thing is, my old broker Fusion Markets phoned me about a month ago to say that I was no longer allowed to accrue Gold & Silver overnight & longer term. Because that is exactly what I was trying to do before. Fusion Markets said, ASIC rules that came in for Australia now make it illegal to accrue Gold & Silver overnight. I was pretty p....off to say the least.

My gut feeling is that the Broker did want me to Capitalise on the FED reducing interest rates in 2 weeks time and the highly probable scenario (not 100%) that Gold and its price will 'scream off the roof'.

I changed brokers the next day to Eightcap. They are great, even if I break my margin, they don't jump down my throat, and I break it all the time with my aggressive style of trading when I see an opportunity I am very sure about.

I digress. Here are the Fib levels where I got into gold. I am not very confident about the Gold price holding up. But it depends on whether the USDX has a rally.

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So quickly, so I can get back to watching the Gold Price.
Here is a comparison of the USDX to Gold currently 10m chart.
The Gold chart looks a bit scary to me. Weakness around 2513-2515.

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Update:
I think that Gold will be very strong & bullish on the break of the main price ahead which is 2531.65. Other important numbers to break on the push up include:
2521.85
2523.40
2526.85
2528.65
2529.02
But the ultimate number in my view is 2531.65. This break & probably retest will be the next leg-up for Gold.
This whole zone has proven to be a strong resistant area & the higher up towards 2531 the worse it seems to get.
If the economic data is favourable today & the USDX does not rally, I can see a push through during Friday NY session.
But both of these things need to occur.
* Trading is risky. Please don't rely solely on my investment advice or trade setups. DYOR. Learn as much as you can.

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XAUJPY was a Short Trade I recommended earlier. Price has recently retested & I will put out a Trade soon if I see price setting up just right. We already, for those in the trade, about an hour ago I recommended taking some partial profits.

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Go short XAUJPY
Bearish Pinbar.
Sell Market
SL 359500

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Sell XAUJPY
see above

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SL 359600 or 700

Order cancelled

appears to be drifting higher with the Gold price.

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It already sold-off in the pattern. I expected the first sell off to be deeper, so that was not the initial retest.That was pattern completion. Ill look for another one,

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Gold price seems to be holding up.
Currently drifting down to fill orders in a Fib retracement.
Limit order around 38.2% is always the best value.
If you use a Stop Loss about 20 to 30% under the 38.2 level is 9/10 safe.

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BCHUSD LONG: Look for a retrace

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This could potentially be a big runner!

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You will probably find it retests beneath the neck....Accumulates more buyers.....Breaks out again...Look for a Bullish Candle....Stop behind bullish Candle.... or conservative back behind Right Shoulder.

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A good spot to accumulate Gold at these low levels

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Buy before it breaks 2518

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2516.95 SL

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UPDATE: BCHUSD LONG
Price seems to be behaving following Retest.
About to push upwards very soon I think.

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a good Stop Loss lying between aggressive and conservative would be about 308.

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There is your buy trigger.

Easy_Explosive_Trading

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