Get started

Ashi

Gold Tumbles on Dollar StrengthThursday started off promising with Gold hovering around the 1242 level. But then the dollar DXY broke out above the midpoint of the BB and Gold fell, closing the day below the 6 day moving average. At it's low, it touched the 8 day moving average were I am sure many people had their stops. As the Friday session begins in Asia, Gold continues to fall. Statistically, once price breaks below both the 6 and 8 day moving averages, there is a high percentage probability that price will hit the 20 day moving average, or the midpoint of the Bollinger Band @1214. Here is the volume profile chart that I've been showing the last few nights. On the long term profile on the far left of the chart, I had been thinking the price would roll up through the low volume area to POC at 1270. But now with price moving lower, it's interesting the the short term POC on the right profile is at the same level as the midpoint of the Bollinger Band on the daily chart above. Coincidence? Confluence? Let's see what happens. :-) *Disclaimer: this information is for educational purposes only and should not be taken as trading advice.
COMEX:GCJ2017
by GoldBands
Gold Gains Almost 8 Points Resuming It's Bullish TrendGold continued to move higher today, closing at 1243.1, a gain of 7.9 points for the precious metal. The US Dollar Index $DXY fell today which helped fuel Gold's rise. As I pointed out yesterday, the dollar had closed under the midpoint on the BollingerBand after having tried to break through that line of resistance and I thought that it would move lower today. It did and Gold was the beneficiary, continuing it bullish trend. What we want to see now is Gold to keep hugging the outer BollingerBand, rising steadily between the BollingerBands and the rising 6 day moving average. You may want to use the 8 day moving average as a good place to put your stops. You can have confidence in the bull trend as long as price stays close to the outer Bollinger Bands and above the 6 and 8 day moving averages. You can also use the Heikin-Ashi as a great way to monitor the trend. Look at the chart below. Following the colors is a great way to stay confident in your position. Green is Up and Red is Down. It doesn't get any easier than that. :-) My final comment here is that you can see that price is trading in the middle of a low volume area. Price may pause here and try to fill in that area before making it's next move.
COMEX:GCJ2017Long
by GoldBands
Gold Pauses and Closes Down Slightly on the DayAfter the big move up yesterday, Gold took a pause and closed down slightly to end the day at 1235.5. The low of the day touched the 1.5 Std Dev Bollinger Band at which point buyers stepped in and bought in anticipation of the next move. On a day where the dollar strengthened, Gold maintaining it's position can be seen as bullish. On the chart below, I've added 2 volume profiles. The one on the far left is for the time range from Dec, 2015 through today. Notice how the Point of Control (cyan line) is almost exactly at 1273, which is the measured move from the first wave in this bull run. The current price at 1235 is at a rather elongated peak in the profile. If price can get past that peak, the hitting the POC should be a no brainer.
COMEX:GCJ2017Long
by GoldBands
Gold Breaks Through Resistance on Strong Up DayGold broke out of the 1220 resistance level today and pushed up to a daily high of 1237.5. This was the breakout that I had been waiting for. Gold clearly wants to go higher. The first target is the .618 extension of the move from January @ 1241.7. A more likely target is 1278.6 which would be the measured move of the (A) wave. I have put the probably extensions on the daily chart. It's interesting to note that there is a lot of options speculation at the 1267 level which is the .88 fib extension. A number of harmonic patterns use the .88 fib level so I am expecting to see some resistance there although only price action will tell how strong the resistance will actually be. If the theory that last year was the start of a new bull market for the precious metal, then this is indeed an exciting time to be a gold bull! I've highlighted the cyan BB at 1228.9 as a pullback area if you are looking to add to an existing position. The Heikin-Ashi chart shows a strong bull trend. Personally I will not be taking any profits until the first red candle. :-) This final chart is the weekly view with the fib extension from the low on Nov. 30, 2015 @ 1045. This shows the measured move @ 1457.9.
COMEX:GCJ2017Long
by GoldBands
Gold Ends the Week touching the 1221 Resistance LevelGold rose higher today after shaking off a selling spree after the NFP numbers were released. Prices fell right to the 6 day moving average before buyers stepped in and gold prices rallied. Prices continued to move higher right up to the closing bell and the action stopped @ 1221.6. Let's see what happens next week but if price can finally break through the 1221 and close above it (yes, I know, I've said that before :) ), the first target would be 1241, the .618 fib extension of the (A) wave. However, if this is truely going to be an ABC pattern, then price will hit 1278.6, the full 1.0 measured move. Here's the simplified Heikin-Ashi chart. Although we are in a solid green uptrend, today's candle was an inside candle which suggests that it might take price a couple more days to blast through the resistance. Here's the weekly chart. Notice that price on the weekly is now right at the midline of the BB. That's equal to a 20 day ma. If price moves above here, the odds are good that it will move to at least the blue BB at 1284. The final chart I want to look at is a monthly Heikin-Ashi chart. January ended as a red inside bar and so far, the February action has been all green. If price continues to rise, February could be a great month for the bulls. Have a great weekend!
COMEX:GCJ2017Long
by GoldBands
Gold Breaches 1220 but Ends the Day BelowGold pushed up past the 1220 resistance level for the 3rd time since the start of the year, only to be met with strong resistance and falling back under 1220 to be within the range from 1182 - 1220. While I am still long, the upper wick on today's candle is not the most encouraging for the bulls. On the bullish side, price is still above the 6, 8 and 21 day moving averages and sandwiched between the 1.0 and 1.5 Bollinger Bands (blue and cyan respectively). The Heikin-Ashi chart below is a little more encouraging with the 3 previous days showing solid green candles without bottom wicks. Tomorrow is NFP at 8:30 am EST. Let's see if that can push price past 1220 once and for all and get this bull moving!
COMEX:GCJ2017Long
by GoldBands
Gold Pushes Up Against a Potential Triple TopGold started the day with a big selloff but then recovered after the FOMC and Janet Yellen announced that they would not be raising interest rates at this time. Gold is now attempting to break out of a potential triple top at $1220. If Gold can break through, then the first target would be 1241.7, the .618 fib extention from the bull run that started at the end of last year. With jobless claims tomorrow at 8:30 am EST and Non Farm Payroll on Friday at 8:30 am EST, there can be some potential big moves coming up for the precious metal. The main chart today is complete with all the indicators that I use. The first chart below is the same but with Japanese Candlesticks, called Heiken Ashi. They are really good for showing trends. As you can see, we are now into day 3 of this uptrend. On this next chart, I've removed most of the chart objects to show only the basic Bollinger Band and Moving Averages. It's clear to see that price has separated from the 6 and 8 day moving averages and has ridden the mid line of the Bollinger Band higher. Feel free to ask any questions or leave comments. I am always interested in having thoughtful discussions on price action to improve all our trading.
COMEX:GCJ2017Long
by GoldBands
Gold Breaks Out to Upside - BarelyGold rose ~15 points today and broke through the 6 and 8 day moving average. It also broke through the trend line starting back on election night, Nov 8. Price also failed to break below the mid line of the Bollinger Band. The next resistance level is at 1220 so let's see if Gold can move up and past it. Look at the Heikin Ashi chart below. 2 days ago there was a red doji. Doji's on Heikin Ashi charts are good signals for either continuations or reversals. We now have 2 strong green candles after the doji. The final chart tonight is below. It looks like we are entering the C leg. Also 4 days ago price firmly rejected the range below.
COMEX:GCJ2017Long
by GoldBands
AUDNZD - Bearish breakout from descending triangleAfter testing the lower bound of this descending triangle, AUDNZD appears to have made a jump lower. A pending sell order is set at 1.038 to catch this bearish breakout. This price point was selected in consideration for the 1.04 psychological support level. However, this is still a bit of a risky entry as the lower indicators are showing oversold values. Recent support was shown in the 1.025 area. A conservative play would be to take profit at this level but price action will dictate how I handle this position once that level is approached.
Short
by nboone
EURGBP - Bullish trendline break at 50% retracementThe price for EURGBP has retraced to the 50% level of the upward move starting late May. This could set up to be a great risk reward opportunity. With the rejection of this key Fibonacci level and a trend line break for this retrace, I will wait one more day before making an entry decision. The criteria for a buy entry here will be as follows: Today's heiken ashi candle must stay green There should be little or no lower wick on today's candle The fast Laguerre should stay above 0.15. The slow Laguerre should raise up above 0.0 (optional but would build confidence) If everything looks good end of day tomorrow, an entry order will be place a few pips above the today's high.
Long
by nboone
AUDUSD Short LogicAUDUSD possible consolidation .74 - .77 in a double top or 3 drives ( as illustrated). If Point C of potential Gartley can hold ( .7760) , we would be looking for a short setup close to the supply zone. The short trade would follow the entry and exit rules for trend following with HA candle , listed by Dale _ Ansel . Stop Loss @ .7840 above X. Potential targets would be 1. Demand Zone .7420 - .7450 2. B Point to Prior Swing Low @ .7150 - .7180 3. D Point @ .7040 4. X Point @ .6830
Short
by salsapete
AUDUSD Quick Scratch Setup 7/19/2016 1 Hour Heikin Ashi ChartA quick setup for AUDUSD on 1 Hour Heikin Ashi Chart... What Nawab says? (Our Contributor) AUD fell 1% low after central bank meeting move an open door for a move in August, though Australia is still recovering from major drop in commodity prices, and additionally the employment rate in Australia is stabilize... We are searching for contributors who can give a hand by sharing their trading strategies with us, so that we'll update them into our published idea descriptions, PM0.00%% me now if you are interested... All update will be updated here with in this thread, so STICK with us...
by SunRiseZoneFX
5
USDJPY Updated Scratch Setup 7/18/2016 1 Hour Heikin Ashi ChartWe are back with all in all USDJPY Potential Updated Scratch Setup 7/18/2016 On 1 Hour Heikin Ashi Chart What Nawab says? (Our Contributor) ============================== GLOBAL MARKETS-U.S. stocks hover near record highs, oil falls and also Japanese Yen fell after the failed Turkey Coup. USD rose above JPY currently. We are searching for contributors who can give a hand by sharing their trading strategies with us, so that we'll update them into our published idea descriptions, PM me now if you are interested... All update will be updated here with in this thread, so STICK with us...
by SunRiseZoneFX
5