Heikin
Gold Ends last Week with WeaknessGold rose for the second week in a row, ending the week at 1234.7, up 12.8 points for the week. However, after reaching a high of 1246.6 on Wednesday, Gold fell on Thursday and Friday, touching but not breaking through the 8 day moving average.
So where does the precious metal go this week? Let's take a look at some of the technical indicators that I use.
Gold broke through the 6 day moving average but not the 8 day ma. If price does close below the 8 day ma, then statistically, the odds are that price will fall and hit the 20 day ma or the midpoint of the Bollinger Band you see on the chart.
I have also put a closing price line on the chart. The cyan line is pushed out 5 days into the future and offers a great look at where price may be going. Friday touched the this cyan line but did not break it.
So far, this is slightly bullish for Gold, potentially saying that this pullback at the end of the week is will be short lived and that the bullish move will continue.
On the bearish side, there are some compelling technical indicators as well. First, look at the Stochastic RSI at the bottom of this chart. The indicator has clearly breached the 80 line and it looks like the indicator will be cycling down. This is bearish.
Below is the Volume Profile version of the chart. The profile on the left is from election day through present. The profile on the right is for the bull move up starting on December 15, 2016. Notice how the POC is the same on both. With POCs acting as magnets, this could pull price down to it, at around 1213. This would also be bearish.
While there does seem to be some immediate bearishness in Gold, if the move up from the low of December 15, 2016 was in fact an A wave, then we are still expecting a C wave that will be equal or greater than the A wave. This is fundamental to Elliot Wave theory and would mean that this weakness is a simple corrective wave and that we should expect the C wave up to continue at some point in the near future. For now though, let's watch what happens if and when Gold gets to the 1213 level. That could be a strong pivot point.
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.
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.
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.
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)
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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...
Basic Heikin Ashi strategyVery basic strategy script implementation for HA candles.
If we're green we long, if we're red we short.
Optional alternate timeframe, and optional trialing stops.
Make the chart your own and have a play :) Cheers.
XAUUSD-160412-STO/DMK-G1D-SHORTFX:XAUUSD Is in the end of the bull trend, today bar present a bull with small mesh at the 1250/1260 zone, maybe can go up a little bit more but in the price graph can see a beautiful Head and Shoulders formation.
Setup: Short
Target 1: 1190
SL: 1290
Target 2: 1087
SL: 1190
Ideas, comments or corrections.
They are always welcome
#NZDUSD - STRUCTURED CONSOLIDATION - BUY! As you see there is a high structured consolidation going on on this NZDUSD pair. The consolidation is happening a lon time already, but this one seems extremely structured. Could be a good opportunity, or a pure technical failure.
#NZDUSD BEARISH BAT PATTERN! NICE SHORT OPPORTUNITYWell, with everyone stressing about a Brexit, we'll proceed to trade on harmonics without GBP pairs. Like the idea? Give a like and comment!
Best of trading!
AUDCHF dancingI think the pair appears to go through a channel as shown in the stochastic will easily pass if a departure in reality it is an "arm" of the oscillatory motion having from or before April is done.
my position: short
target: 65.80
comments, corrections, ideas and suggestions are always welcome
SN Sanchez Energy Accum/Dist Breakout to All Time HighsSanchez Energy's chart may look down-and-out with recent profit taking, but actually it is the Accumulation/Distribution Line (ADL) that tells the real story. The ADL has broken out to all time highs, and now the chart has to play catch-up and rally, the Heikin-Ashi TrendBars are signalling that the new bullish trend has already started.
Reference ADL Divergence
www.tradingview.com
NXTD Coppock Curve Turned Upwards with Bullish Heikin-Ashi ColorWhen the Coppock Curve turns around this is a good sign the chart is reversing direction. Combining this with the TrendBars indicator which add Heikin-Ashi colors to the candlesticks, both indicate a bullish direction. This is still true, even while the chart had wild premarket buying and resultant selling off during regular market open times today. The chart is providing a bargain for traders and investors currently.
GBP/USD BOUNCE trade LONGAs we can see we do have channel on D1/H4. And now we are waiting comformation of bounce of support bottom. There is also chance that we wont get bounce to the upsite also! Major trend is bearish so better safe then sorry. Better to enter little bit more late then to fast. Pro traders are patient, amature are not ;)!!!
Normal entry (H1) - Simply wait 123 (= ABC)on H1 above EMA 36 + trendline break and enter when we will get a break CLOSE ABOVE of 23 line with good candle.
Conservative entry (H1 -> M5) - Simply wait 123 (= ABC)on H1 above EMA 36 + trendline break and watch for w a break CLOSE ABOVE of 23 line with good candle ->>> then switch to M5 and find another 123 after H1. You will have to be fast to get that M5 123
Agressive entry (M15) - Simply enter after valid 123 above EMA 200
Stops :
1. Below channel (safer)
2. Below point 3 ( risking little but easier to get stopped)
Targets:
Targets are split into 3 parts.
1. target 1 : 1 (SL : TP)
2. S/R line (watch chart)
3. Trail it as much as possible
Best regards
A.i.
NZD/USD UP and DOWN scenario analysisThe fact that NZD/USD has reached major Support line on weekly + EMA 200 (on tradingview EMA is much higher i dont know why? on two other platforms is EMA 200 supporting weekly NZD/USD here it shows like break, check on your charts).
Scenarios:
1. Here we can get agressive bearish 123 and retest of structure, it may be powerfull if it break that support ;) So always open 3 positions for 1 trade seperated and hold last lot open as long as possible.
The fact that weekly candle is doji candle and we are close to ema 12 and 23 trendline we may get breakdown in day or two! You will have to enter it very agresseve because we already know that there are chances to trend change also price is making HH -> HL -> HH so be carefull, that retracment might become reversal.
2. Other scenario is that price will break up EMA 36 and major trendline. After we get both breaks we enter it on H4 123 setup or wait for daily 123 but it would take forever but is more conservetive.
Feel free to comment & share & like
Best regards :)
Now that BearWhale (Draper?) has exited — are we est new supportThe accumulation is actually up, which hopefully means people are buying at this level, establishing a new support.
I'm not jazzed about a $330-350 support level, but it's better than not knowing where the floor is at.
Still, my miners are shut down, until it's cool enough to use them for heating, or BTC goes above $400 again.
No more support, where does it land. I don't care, personally. I'm out. We pierced the only support that mattered.
Watch out for sharks... the whales have left the building.
And once again, they say, thank you for your buy support as they sold off their bags of holding.
Here that noise? It's the sound of an overinflated, no-intrinsic-value ponzi, deflating.
It's even dropping as I'm writing this {"amount":"333.18","currency":"USD"}
The whales have exited the building & they thank the bagholders!Based on the literal description of Ponzi scheme... you can basically say that any IPO is a ponzi.
The first in, get the biggest profits because they sell to the last in, that are the bagholders.
Those millionaires and billionaires sure do thank you, the commoners, from the bottom of their greedy black hearts!
'Murica
Custom Indicator: Heikin-Ashi Paint Bars.Heikin-Ashi Paint Bars.
Paints Candlesticks or OHLC Bars The Exact Same as Traditional Heikin-Ashi Bars
Heikin-Ashi Paint Bars.
Paints Candlesticks or OHLC Bars The Exact Same as Traditional Heikin-Ashi Bars
***Better to use with Indicators because Traditional Heikin-Ashi Bars don't show correct Open, High, Low, Close.
