GOLD: focusing on 1440
Updated
Hi Guys,
above chart provides an overview but the idea is to focus on most recent price action in order to find short term profitable trades.
For the purpose of this idea, focus will be on charts at a lower timeframe which will be published below.
For additional infos about Gold please refer to the related ideas linked at the end of this post.
Thank you for your support and for sharing your ideas.
Disclaimer:
Please note that I am not a professional trader and these are my personal ideas only. The information contained in this presentation is solely for educational purposes and does not constitute investment advice. The risk of trading in securities markets can be substantial. You should carefully consider if engaging in such activity is suitable to your own financial situation. Cozzamara is not responsible for any liabilities arising from the result of your market involvement or individual trade activities.
above chart provides an overview but the idea is to focus on most recent price action in order to find short term profitable trades.
For the purpose of this idea, focus will be on charts at a lower timeframe which will be published below.
For additional infos about Gold please refer to the related ideas linked at the end of this post.
Thank you for your support and for sharing your ideas.
Disclaimer:
Please note that I am not a professional trader and these are my personal ideas only. The information contained in this presentation is solely for educational purposes and does not constitute investment advice. The risk of trading in securities markets can be substantial. You should carefully consider if engaging in such activity is suitable to your own financial situation. Cozzamara is not responsible for any liabilities arising from the result of your market involvement or individual trade activities.
Note
THOUGHTS ON DAILY CHART: Gold broke the handle for the upside unfolding 2 moves up 1&3 and 2 moves down 2&4. A 5th move up started yesterday but was stopped by resistance at previous high. Day is still long before it end and further attacks are not to be exlcluded until support is lost IMHO. TO NOTE Bullish engulfing candlestick pattern supported by 15SMA attacking previous high at $1439,14 supported by bullish sentiment.Note
FOCUS ON 4 HOURS CHART: Price action inside the circle represent the two daily condlesticks that have engulfed on Mon & Tue prompting the continuation of the bullish trend for another attack to previous high. Wednesday (today's session) started attacking previous high at 3. The attack failed but was supported at level where 3 black dots are (1420,64). If RSI re-enter overbought it may produce another attack. Otherwise it may slowly fade towards 1400 IMHO
TO NOTE: vertical lines represent opening and closing of daily sessions and can be activated authoatically by going into "settings"-->"appearence"-->"session break". IMHO it is very useful when looking for short term opportunities throughout the week.
Note
An Head & Shoulder pattern may be unfolding if we consider S to be 1st Shoulder and H the Head.Note
Additional infos on 4H chart and some modifications. 50SMA (orange) adjusted to 38SMA. 78SMA(Blue) unchanged. Added impulse 1 and impulse 2 (violet) and relative pullbacks or retracements or corrections into ascending trendline. Added a vertical line to end the week.Note
CONSIDERATIONS ON CHART N.1 (DAILY) AS WE APPROACH THE END OF THE WED SESSION: STILL UNCHANGED SINCE INITIAL CHART WAS POSTED. REMEMBER THE DISTANCE FROM BOTTOM OF CUP (1160) TO BREAK OF THE HANDLE (1300) IS THE SAME DISTANCE BETWEEN 1300 AND 1440. For easy reference please have a look at the following post:
Note
UPDATE of CHART N.1 WITH MORE INFORMATIONS LEARNED FROM CHART N.2.Note
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