Gold may glitter a bit longer before a HTF correction

13 thg 7, 2016

Gold has retreated back to an old daily pattern line (green dotted) where it took a bounce. It is also hovering around the weekly (orange) trend line which it broke recently.
Strong daily and 4 hr support are just below current price with 4 hr resistance just above.
Nothing is giving me a buy indication yet as the upside is not to great. It may bounce down off 4 hr resistance just to head back up off 4 hr support. It also may just keep climbing from here.
The trade is either as indicated on the chart with a sell 1380 or a breakout below the daily TL (green) would drop to the mid 1200's
For my breakout idea see attached chart

Educate yourself, create a trade plan, validate your trade plan with other traders idea's. Own your trades good or bad.

2 thg 8, 2016

Ghi chú

So far this trade is working as predicted.Perfect down to the support zone followed by the final impulse up. Price should break the swing high and any time after that look for the start of the down move.
We have disrespected the weekly trend line but would want to see a shallow correction on the daily before looking for another long opportunity. Just be aware we may get a pull back to the weekly and that could be it for the down move.
A LTF trade could be a break of the purple 1 hr TL watch for the potential of more up but that could be the start of a big down move.

5 thg 8, 2016

Ghi chú

I am still looking for a bit more up before a larger correction to the down side. News pushed price down. I am looking for a longing opportunity at the .618