OwenMohd

OwenMohd Updated 

There's a decent setup to build short positions from 1574 to 1580. Its taking awhile for daily correction to kick in because there's a mini uptrend wave that needs to complete before correction.

OwenMohd Updated 

Gold is back in correction mode before trend resumption, so there are 2 tradable paths. I'm assuming this correction won't be as slow moving as Sep-Dec 2019 correction. IF it is slow, this ABC plan will fail. I'm reasonably confident a bounce here off 1546 ought to break 1563 local high. Flexibility and speed are needed here and the TPs can change.

OwenMohd Updated 

As per setup. Good luck.

OwenMohd Updated 

As per setup. Retests near 1470 will most likely get bought up. Just like how 1460 were bought up. Based on structure 1524+ are good targets.

OwenMohd Updated 

I was initially building long positions off 1450-60 double bottom play until this correction appeared before Nov month end. So I closed off all long positions for 3 reasons: 1. Break 1450 recent low. 2. Triangle bottom - which will take 1-2 more weeks to end. 3. Break into new low below 1445. TP is 1425. Looking at monthly close, a new low below 1445 is worst...

OwenMohd Updated 

As per parallel channel: there is a corrective pattern that's formed worthy of shorting. Also, prices at or above 1529 was bound to attract interim TP from bulls. However longs are still controlling the monthly chart and monthly candle hasn't closed. So prices could ping pong until first week of October until bears can comfortably gain footing.

OwenMohd Updated 

Target

OwenMohd Updated 

Looking for 1535 zone before bear steps in.

OwenMohd Updated 

Went short at 1339 and adding as it goes. MFI on 4H indicates toppy behavior at 1344.

OwenMohd Updated 

As per chart I'm biased downtrend because of the X wave into latest A wave. Then a major uptrend into downtrend. Invalidation is if price travels above A, in which case, the larger downtrend will come sooner than later.

OwenMohd Updated 

Based on this analysis, the next set of downtrend ($250+ moves) have already started and will continue until approx Jan-Feb 2021. Since that's 8 quarters away gold may use 1 entire quarter to either range in a box formation or as a series of ABCs/WXYs. On a fundamentals view I see more risk for gold to fall in a rate hike (inflation) pause environment.

OwenMohd Updated 

Following the bearish monthly view, this is my updated count: For now, going long for corrective moves is quite safe. For short plan: Wave 5 of 1 is done with all calculations fulfilled. The ideal area to short is as per yellow box due to the previous downswing, however anything above 1302 is technically a selling zone. Stops go above 1347 swing high as per...

OwenMohd Updated 

E leg is acting as an impulsive leg (bait) but it's recommended to trade this after next weekly candle or monthly close to confirm the reversal. Weekly view is showing a different count so if there's bullishness then a breakout will target 1420 or 1495 before the next downward trend resumes.

OwenMohd Updated 

I prefer long term short position before war/gold makes a true breakout.

OwenMohd Updated 

I'm guessing the ABC levels here honestly because I'm scalping longs. My gut tells me we're still in A of ABC on hourly basis. As long as an ABC forms here, shorts are better. In this instance I'm satisfied that 1357 made the high (1357-1204=$153) as well as other calculations from daily and weekly. I've flipped shorts to longs 5 times in nearly 2 months due to...

OwenMohd Updated 

Waiting for smaller timeframes to place short entries. ABC must form for this to be a legit weekly C wave down.

OwenMohd Updated 

Retail traders often forget about month end trades (myself included). Gold is also coming off a $100 rally to close the month so this should turn out to be a fun trade.

OwenMohd Updated 

If BTC closes like this, then it's a great time to hard sell. It seems a lot of Dollar opposed currencies are synchronised for a collective drop.