Dear Members: We're thinking of closing the chat group down as there isn't much participation on there. If its of benefit please let us know, otherwise we'll close it on the week.
This is the chat group, not the main broadcast group.
This is the chat group, not the main broadcast group.
Anonymous Poll
88%
Yes keep it open
12%
Close, broadcast is sufficient
Sitting neutral at the moment, waiting for one of the levels to break. Simple chart today, pretty self explanatory.
No positions in Gold at the moment, we're still bears in this market expecting decline at some point. Something tells me there's a spike up towards 1865-85 on the cards. That's the level we're waiting for to test the short.
No positions in Gold at the moment, we're still bears in this market expecting decline at some point. Something tells me there's a spike up towards 1865-85 on the cards. That's the level we're waiting for to test the short.
We can tell gold is going to breakout. If you remember our accumulation chart from a couple of weeks ago, price is doing the same thing. Getting buyers in, stopping them out, getting sellers in and stopping them out.
Tip: In scenarios like this it's about quick captures, 5-15pips and exit the trade. Use the levels we provide on the charts. Until the markets picks it's direction at least.
Tip: In scenarios like this it's about quick captures, 5-15pips and exit the trade. Use the levels we provide on the charts. Until the markets picks it's direction at least.
Gold broke out as we anticipated and closed below the key level of 1830. 1821 support and 1830 resistance are levels to look out for now. On market open, if we get a retest of 1821/22 and it supports we'll take a small long with tight stoploss and target the 1830 level. The plan here is to enter the long, once it's in profit and above 1825 set the stop to just above entry. We want to see if it resists at 1830 or breaks back up above it. If it breaks up we'll let that trade run towards 1850-65.
On the flip side, now that we've closed below 1830 we could get the move down we've been looking for. Next support is 1810, 1800 and then 1793. Our overall target of 1750 still stands, we just didn't get the entry we wanted.
On the flip side, now that we've closed below 1830 we could get the move down we've been looking for. Next support is 1810, 1800 and then 1793. Our overall target of 1750 still stands, we just didn't get the entry we wanted.
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Knights of Gold (Gold/FOREX Analysis/Trade ideas)
Lets see if we can finish the pattern off. Looking for this to resist around the 1826-30 level and then sell again during the US session.
If this hits 1810 before going up then we won't enter this time. We'll look for another trade
Knights of Gold (Gold/FOREX Analysis/Trade ideas)
If this hits 1810 before going up then we won't enter this time. We'll look for another trade
Lets not get sucked into this move. If we get the entry above we'll take it. If it hits below and we miss it then so be it.
Knights of Gold (Gold/FOREX Analysis/Trade ideas)
Lets see if we can finish the pattern off. Looking for this to resist around the 1826-30 level and then sell again during the US session.
Taking 50% and setting the stop to just below entry
We don't really want to hold this over the weekend. The move happened very late in the day
Knights of Gold (Gold/FOREX Analysis/Trade ideas)
Lets not get sucked into this move. If we get the entry above we'll take it. If it hits below and we miss it then so be it.
This is why we said wait for the entry. If we had taken the entry on the bearish candles below we would have hit stop loss. At least we got the perfect entry and everyone who followed should be in profit
Monthly:
Please also refer to our previous monthly chart from last week.
So far we’re being supported at the 2011 and 2012 resistance levels. We’ve broken out of our pattern similar to the one we saw during the last big move up in Gold during 2009/11.
Looking at the chart closely we can see that last weeks candle closed below a key closing price of 1834/5 which during 2011 was a turning point for Gold . We would ideally want the monthly to close below this level for confirmation on this timeframe of a move lower down.
We’re looking at this chart for a retest of resistance at the 1835 level as there is likely to be a reaction here. Breaking and closing above consecutively will most likely open up higher prices for the short-term.
If we’re following similar price action to 2011 you can see we bounced around this time in its move and went up to challenge the high. This is something to keep in mind!
This is the bigger picture, lets look further into the smaller timeframes.
Please also refer to our previous monthly chart from last week.
So far we’re being supported at the 2011 and 2012 resistance levels. We’ve broken out of our pattern similar to the one we saw during the last big move up in Gold during 2009/11.
Looking at the chart closely we can see that last weeks candle closed below a key closing price of 1834/5 which during 2011 was a turning point for Gold . We would ideally want the monthly to close below this level for confirmation on this timeframe of a move lower down.
We’re looking at this chart for a retest of resistance at the 1835 level as there is likely to be a reaction here. Breaking and closing above consecutively will most likely open up higher prices for the short-term.
If we’re following similar price action to 2011 you can see we bounced around this time in its move and went up to challenge the high. This is something to keep in mind!
This is the bigger picture, lets look further into the smaller timeframes.