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Longgold

Gold - Can it get to $2000 ? Using price to help your accuracy Gold on the higher time frames has been in an ascending channel after its parabolic rise of late. Many traders are hoping for it to get the the $2000 mark which can make for exciting times for the yellow metal but as traders we shouldn't get caught up in the emotion of this occurrence. It's easy to jump into a move too early especially when we have a bias for any financial instrument we are looking to trade, but its this euphoria that can cause a lot of damage to traders because they don't want to be wrong and they stay in a trade with their heart and shut off their head telling them that they should get out. Only once the trade has ended do we clearly see the signs. So with this said, we have been watching Gold very closely of late and tried to do a number of things that can help your probability. Once we know the general direction and structure of the current market environment we can go down to our lower time frames like the 15 Minute chart to see the price action up close, because its the lower time frames that can really help with your accuracy. Accuracy is very important because even if your wrong you wont have to throw a lot of pips away in the process to see if your analysis was right. Also the lower time frames can really help you see smaller price patterns that the higher time frames sometimes can't. As you can see from the chart, price made its way down to the previous lows and rejected higher creating a triple bottom structure. What we liked about this area was in the way price got there because price also formed a bullish 3 drive pattern on its way down to the triple bottom low showing a pattern within a pattern with both indicating continuation to the upside you can see on the higher time frames. When trading, the more signals we can see lining up together the greater the conviction that price can go in that direction and in this case we saw price continue in its uptrend for a manageable profitable trading opportunity.
OANDA:XAUUSD
by DavidVillagra
GOLD buy trade setup using price action, how far can it go???It has been said ever since people were allowed to trade to "trade with the trend" and "the trend is your friend". Although there is logic to this the market unfortunately doesn't always trend and in fact spends most of its time in ranges and channels. The market environment changes all the time and it's why so many traders struggle with their trading because they do not understand what market environment they're currently in. Price action traders can have an advantage in this regard because they want to see the structure that the price action has laid out as the leading indicator of where price could potentially go next. As you can see from the 15 Minute chart on Gold, it has been in roughly a $22.00 range for around the last 2 weeks. Although it has been in a longer term uptrend in general, using ranges can help you a lot to work out a higher potential level to enter, while also managing your downside risk. What we can see is a bullish head & shoulders pattern complete right at the lows of the range which can be seen on the higher time frames, why we like the position of this specific price pattern is because, not only is it pointing to the right side of the larger trend direction which can enable you to jump in on the move. You also get a location that if you are wrong then your stop loss can be placed just below the pattern which also would also lie under the range floor so you can manage smaller risk on this trade. If you missed this setup then by being patient, price ends up showing you another opportunity with the same bullish head & shoulder pattern that completes just after the initial drive higher from the lows. When trading any price pattern you should always wait for it to complete first without jumping in too early, but it's the higher inner trend line that we like to use (in the case of a bullish pattern) as our entry point as this can help show more strength in the pattern while also precisely showing you where to enter on the top side retest marked with green arrows. Even if price doesn't continue in the longer term trend, you can initially target the top of the range and potentially scale out a percentage of your trade to lock in some profits. We will be keeping a close eye on Gold and watch for any pullbacks that can allow for another bullish price pattern to form potentially indicating another opportunity for a manageable trade.
OANDA:XAUUSDEducation
by DavidVillagra
GOLD buying opportunity trade setupTaking a look at the price action on Gold, we saw a high probability trade setup for a potential buying opportunity. We saw many factors all lining up together which always helps increase the probability for you as a trader to get a good idea what direction price could go next. As you can see from the 30 Minute chart, we saw Gold in a descending channel until it completed a larger bullish 3 drive pattern right at a previous level of support. What increased the strength of this level was that a smaller bullish 3 drive pattern also completed right at the same point. What we needed to do now was wait to see if price would bounce to the upside from this point which occurred nicely and so with this information we can go down to our lower time frames and find a local inner trend line just above the lows and wait for this to break to the upside which will help pin point a precise entry level for the potential long trade. For trade management, we can place our stop loss just below the 3rd and final drive while also looking to target the top side of the channel.
OANDA:XAUUSDEducation
by DavidVillagra
TREND IS YOUR FRIEND - LONG GOLD !! Good Day Traders! Congrats to those who made money following our calls! 💰💰💰 Simply following us and we will get you guys our latest updates FOR FREE! Go to the link below & hit the " FOLLOW " button right now ! 👉 www.tradingview.com 👉 www.tradingview.com 👉 www.tradingview.com Why LONG GOLD? Good risk reward : > 8 Current level is near to support of 1600 level. Trend is going upward. Healthy retracement @ level 1600. Why not then? :) Please like and comment if you are in the LONG position as well ! Follow us Rule_no1: "Having trading discipline is the beginning, staying disciplined is the success" Happy Trading :) DISCLAIMER: There is a very high degree of risk involved in trading. Past results are not indicative of future returns. Trade at your own risk.
FX_IDC:XAUUSDLong
by Rule_no1