The exchange rate has reached a correction level. I expect a very small correction from this level. Not greater than 10-15 usd. In the analysis, I couldn't identify the formation of fractals in a way that could be well illustrated because the exchange rate changed the fractal path twice in motion. So I focused more on reaching the next target price. The next target price is 1488 usd.
I agree with this idea... htf view is bullish such as monthly and weekly we just want to be trading within those direction to get those nice easy big move and you never want to guess a top in a market! Great analysis
meszaros
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@TerrellFx, Thank you for your comment. In the long run, in my opinion, gold can rise a lot.
Captain_Walker
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I agree. A correction is likely soon (probabilistic statement - not a prediction). As I have no crystal ball that works, I can't tell everybody exactly when. 😉 The issue for real traders are trend strength and direction, not minor corrections. Gamblers aplenty, are mostly interested in the tip of price. 🙄
See chart below - for those interested in RSI (very deceptive thing) - where price cools off a bit, levels off, RSI retreats then pumps north again. All this suggests trend strength. For others, I'm not saying trend strength will continue forever.
meszaros
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@Captain_Walker, Thank you for your comment. I agree with your analysis and comment. Indicators often lag behind in movement. But your analysis includes 4-5 different types of indicators. That is why it is much more accurate than a significant part of dealers.
Captain_Walker
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@meszaros, I use two main indicators - the ATR trend indicator and the squeeze momentum. These two reliably identify important switches. The other four indicators, I call 'helpers' - they just give a picture of what's happening, adding some 'sense' to what's going on. On occasions I will dispense with indicators entirely if I spot another reliable indication of a position reversal, using harmonics. The only rule I have is that the 'trend is my friend'. I'm still learning. Whenever I've departed from that 'rule' due to fear or disbelief, I've lost out on profits.
meszaros
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@Captain_Walker, Yes. Above all, reading a lot of news also helps with basic fundamental support. Which often helps if you are uncertain about the indicator signals.