Long on GLD - Cup and Handle Formation & Support at Multi POC2/13/2017 - GLD Cup and Handle Pattern on a Recent Point of Control. Long with Target 1 of 12.50 (just after the next area of acceptance/high volume).stop at 114.50
Volume Profile
Gold Tumbles on Dollar StrengthThursday started off promising with Gold hovering around the 1242 level. But then the dollar DXY broke out above the midpoint of the BB and Gold fell, closing the day below the 6 day moving average. At it's low, it touched the 8 day moving average were I am sure many people had their stops.
As the Friday session begins in Asia, Gold continues to fall. Statistically, once price breaks below both the 6 and 8 day moving averages, there is a high percentage probability that price will hit the 20 day moving average, or the midpoint of the Bollinger Band @1214.
Here is the volume profile chart that I've been showing the last few nights. On the long term profile on the far left of the chart, I had been thinking the price would roll up through the low volume area to POC at 1270. But now with price moving lower, it's interesting the the short term POC on the right profile is at the same level as the midpoint of the Bollinger Band on the daily chart above. Coincidence? Confluence? Let's see what happens. :-)
*Disclaimer: this information is for educational purposes only and should not be taken as trading advice.
Gold Gains Almost 8 Points Resuming It's Bullish TrendGold continued to move higher today, closing at 1243.1, a gain of 7.9 points for the precious metal. The US Dollar Index $DXY fell today which helped fuel Gold's rise. As I pointed out yesterday, the dollar had closed under the midpoint on the BollingerBand after having tried to break through that line of resistance and I thought that it would move lower today. It did and Gold was the beneficiary, continuing it bullish trend.
What we want to see now is Gold to keep hugging the outer BollingerBand, rising steadily between the BollingerBands and the rising 6 day moving average. You may want to use the 8 day moving average as a good place to put your stops.
You can have confidence in the bull trend as long as price stays close to the outer Bollinger Bands and above the 6 and 8 day moving averages. You can also use the Heikin-Ashi as a great way to monitor the trend. Look at the chart below. Following the colors is a great way to stay confident in your position. Green is Up and Red is Down. It doesn't get any easier than that. :-)
My final comment here is that you can see that price is trading in the middle of a low volume area. Price may pause here and try to fill in that area before making it's next move.
Path ahead for the #DAXAfter the recent high in january, we've had small pullback in february for the market to settle down after such a powerful move upwards. I believe we are reaching the crossroads anytime now. 11400-11450 seems to be a very important zone for the future. As long as we are trading above these levels, or have a rejection there, I believe we are looking for another move upwards. If these levels are broken and we have a daily close below, we could be looking at a major pullback down to 10500 in the future.
What I am sticking with now is that the recent highs we've had was too expensive for institutionals to buy and therefore went bearish. As we've reached lower levels, they might be looking to buy. The Xetra report is published on wednesday so it remains to be seen how they are acting.
The arrows I've drawn are a very rough estimate, expect bigger pullbacks than what the arrows display.
EURUSD [240] - Deciding Where to Go?Since Monday, price has been hovering at just above the 1.0600 decision area for roughly 9 bars now (good chance something is about to be decided).
Buying potential: If the pair rises past the 1.0700 void to the 1.0730 area, we may have little resistance further up.
If selling, the key area is 1.0440.
EURUSD - Let's get... Sentimental!Based on volumes for the 4-hour chart, sellers are mostly looking at 1.044 while buyers are eying 1.059 . I won't be entering any trades until I see live price action starting January 3. Still, as long as 1.06 holds, EURUSD is subject to gravity.
GBPUSD [240] Volume AreasFellow traders, if price hits the volume void at around 1.2085 , it'll likely rise to the decision area around 1.2155 before taking a dip or moving on up. There are more ' buyers ' than there are ' sellers ' at these levels, but more sell pressure at around 1.2300 .
I am currently not in any trade before the inauguration, just watching for now.
All the best!
GBPJPY - Volume ReadingMore 'Buys' are dominating the GBPJPY up until around 146.83 . With the sudden bounce at a heavy-volume level at 143.94 , it's worth watching for further price development before jumping into a trade. I've highlighted key volume levels to watch while studying price action.
EURUSD On Knife's EdgeVolume at the critical 1.045 level is increasing. It should be noted that there are more Buyers at this level than there are Sellers. Clear break down seems inevitable.
WTI - Overbought Momentum PeakA retrace of this nice Push is needed - we see overbought conditions (2nd panel) our Target is quite modest and the SL is simple a new High
BTCCNY - POC Entry Bouncing of the POC (Point of Control of the Volume Profile) - while leaving just wicks below it.
Also we are having a quite nice Inside Bar hopefully follow by a strong Entry Bar to give it some momentum.
(candle not finished yet - so the position sizing is not final -> update will follow)
TP1 at previous resistance of 4020 and the final TP area in the upper 4070 area - might wick up a little higher for a short squeeze.
Euro: POC entryThe Point of Control is a good entry for a short term bounce Target might not be reached but a small profit should be there
GBPUSD area of low volume, More Bulls before the Bears return!GBPUSD RECAP:
GBPUSD is slowing filling the area of low volume created by the big bearish movement on the 23rd of June 2016 or as some may know it as BREXIT! (highlighted in one of my earlier uploads, linked bellow). Once this area of low volume is filled i anticipate a continuation of the bearish sentiment.
So far the re-tracement has only reached 23% meaning my bias is still bullish until 61.8% is achieved. With bias in mind, an entry with the same strategy was found on the Hour 1 chart.
Microsoft Breaks out from 40 weeks (10 Months) Trading RangeLast week Friday closing confirmed the weekly breakout of price action from a previously trading range. Trading range was 40 weeks long where we saw major buying and selling of the stock, which is also called Value Area.
As per the volume profile, if any stock's price action moves above the value area then it signals a buy opportunity which we could see at Microsoft after a breakout from a high volume value area and also previous resistance.
I believe it is a strong buy for now,
Target 1: 61
SL: 56
Using ROC(Volume) along with RSIThe idea is to make a trade when:
(1) RSI exceeds the 30-70 band
and (2) there is a spike in volume shown by ROC for volume
The spike in volume suggests that market is reacting to the event (i.e RSI showing overbought/oversold)
The dark blue line is 5X the average volume of the last 500 days.
Use Volume profile bars to choose Take profit and Stop loss.
Can someone create a script which creates an alert when Conditions (1) and (2) are met.
That is (1) RSI exceeds the 30-70 band
and (2) there is a spike in volume shown by ROC for volume
Maybe create a new indicator which is function of ROC and RSI.
I do not have much knowledge of programming, so any help will be appreciated, I can also pay for your help.
Thank you
EU long opportunity to break channel resistanceEURUSD broke channel resistance and is currently consolidating. Volume profile shows gap that needs to be filled above the current price. These two facts could indicate possible long opportunity.
GBPAUD SHORT SMIO/SMII & VOLUME PROFILESMIO AND SMII show there's still a relatively strong dip going on. When looking at the H4, we can see a (not so clear) channel. Combined with the looks of the Volume Profile, the most logical move is the continuation of a short at least until 25th of May 2016 (this wednesday).
However. There could be newer support that causes a slight bump up and then down through it at around 2.00000 flat.
If that is the case, watch out and tread carefully at that level.
After this move we can expect the finish flag to be found and then either a small dip below the channel support or a trend reversal to LONG on thursday (26th) or a bit sooner.
USDJPY UPDATE: making a quick nose up, before the dive downQuick update to my last analysis on USDJPY. Earlier I showed the USDJPY would stay in the channel. The path isn't adjusted much but, we will most likely now get to experience a small bump up to reach somewhere near 109.7 flat. If this happens, the entire 24th of May 2016 will be a long until we reach that point.
If you wish to keep your shorts on because you went in earlier (like me as well) you can of course keep an eye out for a possible strong rise up. Happy trading people, and don't forget your stop losses.
Thanks for reading.
GBPUSD (6B) - WEEKLY FORECASTHello Traders!
Sell Limit - 1.44049, S/L - 1.46000, T/P - 1.44000
Best regards, Powerful Traders!
AUDUSD (6A) - WEEKLY FORECASTHello Traders!
2-nd variant! Dear Trader Johnm600, you we're right! Aussie is in the 3-d wave! Local target - 0.60000 Wait next variant >>>
(6E) EURUSD - WEEKLY FORECAST!Hello Traders!
Sell limit - 1.09134, S/L - 1.09900, T/P - 1.06000
Best regards, Powerful Traders.
