Get started

Forex-gold

Emotional Analysis I have posted recently on Wyckoff, Elliott cycled, Gann education and covered psychology. The Thing is - as a long time trader, you often see new comers and the assumption is more indicators, more stuff = better results. Take a step back and view this from 30,000 feet. You looking at finding an edge, an edge can be as simple as risk management and positioning yourself with a great risk to reward system. The problem is, if there was an algo or one indicator that could make you rich. The world would quickly run out of doctors and postmen. What Elliott, W.D.Gann, Wyckoff, Dow and others clearly understood - was not the technical count on the chart, or if this is a UTAD or a spring event. What they appreciated was human nature - psychology. I wrote this post to show how the mindset fits into the chart - When everyone started posting the "Wall Street, cheat sheet" and asking - Where are we? I would respond, depending on where you bought or sold. It's not a group thing. Unless you refer to sentiment - which is another topic again. The issue is - everyone is looking to have their hand held. Indicators can be useful of course. But you cannot depend, rely or only take buy and sell signals. Make yourself sheep and the wolves will eat you. Benjamin Franklin ================================================================================================================================== So whilst people assume The Elliott's and the Gann's where the titans of technical. There's a deeper skill they tapped into. Emotional analysis. When studying Elliott, you can walk through a certain journey of why the price moves up & pulls back. Why it rapidly grows in wave 3 and why the 4th becomes messy. Elliott knew what drove these moves & how the retail traders follow on like sheep. click link for full article ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ Wyckoff and Dow - this is not a lesson on the technical side. It's an eye opener. Wyckoff could make a schematic of the logic and emotions inside the chart and simply plotted it. Dow, simplified it into 6 market tenets. But either way they knew more about the market psychology than they did the chart. If you are looking to trade alt coins - you need to understand the project, the team & just like investing in a stock. Get a feel for the company. This last week, I have seen social media posts about "this guy lost this, that or the other" All blaming and pointing fingers at Musk - the truth is if you need to follow a celebrity for stock picking. Chose another sport. Doctors, lawyers, accountants and many professions take many years just to qualify - why is crypto trading any different? Professional traders know this - and currently it's like having penguins in the water for the first time, the pro's are the sharks. PSYCHOLOGY This is all it boils down to. We assume big brother is watching, we assume stocks, crypto etc all being manipulated. There's often talk about FOMO & FUD. Wyckoff knew this as the "Composite man" Truth is - retail do it to themselves 90% of the time, trying to catch tops and bottoms. Not learning market phases or cycles and then blaming everyone else for their mistakes. Everyone wants to strike it rich, one trade and millions. Seems to be the mentality. It needs time & proper risk management. ==================================================================================================================================== If you can take a step back and see the market with "emotional vision" switched on, you will see why Elliott & Wyckoff are applicable today - Humans don't change, the psychology and mindset is still the same. Market manipulation is strong and real - it's just not what you think. Disclaimer This idea does not constitute as financial advice. It is for educational purposes only, our principle trader has over 20 years’ experience in stocks, ETF’s, and Forex. Hence each trade setup might have different hold times, entry or exit conditions, and will vary from the post/idea shared here. You can use the information from this post to make your own trading plan for the instrument discussed. Trading carries a risk; a high percentage of retail traders lose money. Please keep this in mind when entering any trade. Stay safe.
COINBASE:BTCUSDEducation
by Mayfair_Ventures
19
GOLD BUY AND SELL ENTRIES AND EXITS! WEEK 6/6-6/11How I trade - Buy at support or WAIT once thee buy entry has been broke . If support breaks more than 15 pips than ride that SELL ENTRY to TPs (Take Profit) 1-3. Trail stop 15-20 pips behind each TP. Same thing at resistance, sell or WAIT and sell once thee SELL ENTRY has broke. but if broken by 15 pips then enter the buy and ride to TPS 1-3. Each TP is a different level of support and resistance so be wary of reverses during each bull and bear run!
OANDA:XAUUSD
by StashCashfx
GOLD completion of growth, next step is FALLGold pushed off strong support zone 1798.44. In this zone, the support level and strong lines of June 2016, December 2015 and June 2019 intersect. From this zone, the price started to rise and now almost came to the resistance level of 1878.89. I expect a reversal from this level and a fall back to the support area of 1811.42. This will be our goal. Traders, if you like this idea or have your own opinion about it, write in the comments. I will be glad👩‍💻
FOREXCOM:XAUUSDShort
by Lingrid
11
GOLD basis of GROWTH - SUPPORT line of 2018As you remember, the price first broke through the support line 1803.19. After that, it pulled out of it and rolled back again as a correction. Yesterday we expected the price to fall to the line at 1803.37. And today I extend my forecast as the price continues to fall. I expect that the first thing the price touches the support line 1803.37 and only after that it will reverse and start growing towards the resistance line. Thus, my final target is the resistance line at 1850.53. Traders, if you like this idea or have your own opinion about it, write in the comments. I will be glad👩‍💻
OANDA:XAUUSDLong
by Lingrid
9
GOLD reversal in RESISTANCE zone and FALLAfter the breakdown of the support level of 1763.79, the gold price continued to move between the level and the resistance line of 2018. At the beginning of May, the price pushed back from the level and now it is not a cloud from the resistance zone at the intersection of the lines of August 2020 and March 2018. I expect the price to reverse in the 1805.86 resistance zone. After that, it will break through the support zone 1763.79 and fall to the support line 1710.34. This will be our goal. Traders, if you like this idea or have your own opinion about it, write in the comments. I will be glad👩‍💻
OANDA:XAUUSDShort
by Lingrid
3
GOLD pause on RESISTANCE line and fallThe price resumed its decline, as we expected. The second time, having bounced off the support line of June 2019 at point 1688.04, the price increased, broke through the support line 1726.79 and tried to break through the resistance line 1765.15. This is the trending inya of August 2020. I expect the price to fall back to support from it - 1705.63. Traders, if you like this idea or have your own opinion about it, write in the comments. I will be glad👩‍💻
FOREXCOM:XAUUSDShort
by Lingrid
MarketBreakdown | EURUSD, GOLD, USDJPY, USDCAD ❤️Please, support this idea with a like and comment!❤️ 1️⃣ EURUSD - 8H time frame The market remains bullish and trades within a rising parallel channel. Though bias remains bullish, it looks like the pair is slowing down. The last higher high did not manage to reach a resistance of the channel and returned back to retest a channel's support. In case of a bearish breakout, be prepared for a potential correctional movement. The pair looks too overbought. 2️⃣ USDCAD - Daily time frame The pair is very close to a year's low. The price has already formed a dodji candle so a pullback is highly probable. Keep monitoring the intraday time frame for a pullback trade. 3️⃣ GOLD - 16H time frame The price broke and closed below a support line of a rising wedge pattern. It looks like the retracement leg may proceed. The closest support to watch is 1748 - 1758 I did not short because the price did not reach a key level within the wedge. Instead, I will look for buying opportunities from support. 4️⃣ USDJPY - 3 Days time frame The price has respected a major rising trend line. The market has formed a nice dodji on that and we see a nice consequent bullish continuation. The pair will most likely keep growing. Next resistance - 109.7 ⬇️Subscribe to my social networks!⬇️
Short
by VasilyTrader
17