Multi Timeframe Analysis
Hint: Look only for sell setups
Recommendation:
Gold's overextended bullish run lost steam on Thursda's US data. Hedge funds and institutions are also closing positions based on the recent COT report to collect on profit. XAUUSD must necessarily correct downwards to capture liquidity.
Expect staircase descent on various levels of support until 1770 is reached. At this level monitor price action to ascertain whether continuation of the bullish run or deeper drops.
With the way gold moves now it will be best to set Stop Orders below nearest structure to capture the huge down spikes. Otherwise use market order rules.
MARKET ORDER RULES
Take a market order position upon the confluence of valid entry rules on the 4H or 1H chart.
-=ENTRY RULES=-
Trading philosophy: Don’t short at the lowest of the bearish momentum nor do we long at the peak of a bullish impulse. The safest entries are at the end of a retrace on the 38.2%, 50%, 61.8% or 78.6% fibonacci back in the direction of the master trend.
Note: I use Daily/4H or 4h/1H market structures with wave analysis to prep for potential entries. The RSI, MACD and EMA indictors are confirmation for entries at the 4H or 1H timeframe
For SHORT:
4H chart should confirm that the bullish retrace had turned bearish in the direction of master trend. The MACD should have dropped below zero signifying a bearish environment. Price would have dropped below the 10 and 20 EMA. For good measure, check that the 4h and D1 RSI is below the 50 signal line
For LONG:
4H chart should confirm that the bearish retrace had turned bullish in the direction of the master trend. The MACD should have gone above zero signifying a bullish environment. Price had gone above the 10 and 20 EMA. For good measure, check that the 4h and D1 RSI is above the 50 signal line
I publish ideas on this Premium Account : tradingview.com/u/TradeassociatesLLC/ Follow me on both channels for updates.
Hint: Look only for sell setups
Recommendation:
Gold's overextended bullish run lost steam on Thursda's US data. Hedge funds and institutions are also closing positions based on the recent COT report to collect on profit. XAUUSD must necessarily correct downwards to capture liquidity.
Expect staircase descent on various levels of support until 1770 is reached. At this level monitor price action to ascertain whether continuation of the bullish run or deeper drops.
With the way gold moves now it will be best to set Stop Orders below nearest structure to capture the huge down spikes. Otherwise use market order rules.
MARKET ORDER RULES
Take a market order position upon the confluence of valid entry rules on the 4H or 1H chart.
-=ENTRY RULES=-
Trading philosophy: Don’t short at the lowest of the bearish momentum nor do we long at the peak of a bullish impulse. The safest entries are at the end of a retrace on the 38.2%, 50%, 61.8% or 78.6% fibonacci back in the direction of the master trend.
Note: I use Daily/4H or 4h/1H market structures with wave analysis to prep for potential entries. The RSI, MACD and EMA indictors are confirmation for entries at the 4H or 1H timeframe
For SHORT:
4H chart should confirm that the bullish retrace had turned bearish in the direction of master trend. The MACD should have dropped below zero signifying a bearish environment. Price would have dropped below the 10 and 20 EMA. For good measure, check that the 4h and D1 RSI is below the 50 signal line
For LONG:
4H chart should confirm that the bearish retrace had turned bullish in the direction of the master trend. The MACD should have gone above zero signifying a bullish environment. Price had gone above the 10 and 20 EMA. For good measure, check that the 4h and D1 RSI is above the 50 signal line
I publish ideas on this Premium Account : tradingview.com/u/TradeassociatesLLC/ Follow me on both channels for updates.
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.
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.