Shortgold
Gold - Potential selling opportunity setup Taking a look at the 1 Hour chart on Gold, it has gone through a sharp drop since breaking its record highs above the $2000 level.
Currently now the price in Gold has pulled back higher from its sharp recent fall and is trading in an ascending channel.
This Channel has completed a potential larger 3 drive bearish pattern in the process. Why we like this pattern is that it has convergences at the 3rd drive high which also lines up with the 61.8% Fibonacci retracement.
This current high is starting to look like there is a bit of price exhaustion just below the $2000 level as well.
What we want to see is price start to breakdown on our lower time frames and locate any smaller bearish price patterns in the process to help confirm a possible move lower. We have also drawn a lower trend line as this can also increase the probability for a move lower and expose a good point of execution if this trend line gets broken to the downside for a possible retest entry short.
If the price in Gold starts to continue its rise and trades above the pattern and $2000 level no action needs to be taken.
GOLD - Using price patterns to time reversals of trends.With the market watching out for Gold to hit the $2000 level, once this occurred and broke higher you have to always be cautious and take a step back before jumping into any longer term trend continuation plays.
When new record highs or lows get established in any market that is highly liquid, its good to keep your options open and try and look at the market with also a contrarian point of view as well.
To many new and novice traders will just expect prices to keep climbing and jump into the move with no account for strategy, analysis or more importantly a study of price.
Looking at Gold, we wanted to keep an open mind and read the price action especially when your looking for counter trend moves as this will lower the probability of a trade but when you are patient and follow the structure of price you can get some good nuggets of information that can really help you time your trade.
As you can see on the 1 Hour chart, price was moving up nicely until it formed a bearish 3 drive pattern in the process. This pattern can be a good indicator of price exhaustion especially when you can see these being formed on no less then a 1 Hour time frame.
Once we saw the pattern complete, that alone is not enough, we need to be patient and find a lower trend line, preferably with multiple hits registered on the line for if this breaks to the down side as well, this not only gives us good reason to enter the trade short but it allows for greater timing and accuracy of the trade.
We would look to place our stop just above the 3rd and final drive high to start with, as we are trading the pattern so there is no need to place it very far away.
Gold 28/08wait when price form reversal pattern inside price zone 1940-1950, then short 1st target 1900
GOLD BEARISH BUTTERFLY
GOLD IS FORMING A BEARISH BUTTERFLY ALONG WITH PRICE EXHAUSTION AT KEY RESISTANCE LEVELS. IT MAY BE TIME TO SHORT, WATCH PRICE ACTION AT COMPLETION.
Short goldAs showing in chart.
We see the bottom is near and the gold lose the momentum. And the price action in the candle stick is reversal pattern.
Enjoy
XAUUSD Selllook for an entry set up for a sell in Gold to retest the previous region of support. Proper risk management is critical
Bearish GoldWe continue with the continuation of gold for sale. now we could see a confirmation of this movement when doing the pulback in the resistance of the 1700. We hope that the first important objective is close to 1600.
The medium, but not short, nor long term outlook for GoldLadies and Gentleman. I have heard some of the greatest investors who have ever lived give their gold targets lately- and Gold hit pretty dang close. What I see now, after a failure to gain above the last high, is the potential for a violent, fast correction in Gold. Consider all zones with green dots at an important value area and target headed out. Especially 1708 if you want a fast in and out. I take more than just the tip and am going for the bottom volume node. Yolo.
This is NOT FINANCIAL ADVICE. I am not a financial advisor and not of the levels, chart ideas, or anything I say at all ***should not*** be taken for financial advice. I just jumped on my friends account and made this yolo.
Sincerely,
THE BOY PLUNGER
Short GoldStructure: downtrend
Price is in a down channel
Weak forces of buyers
Expect: price continues to downtrend
Target is in an image (bottom of the channel) - support zone 1650
Good luck
SHORT GOLD - 1500 IS COMINGGood Day Traders!
Here's the trade idea and do let me know if you have any questions! 💰💰💰
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Our GOLD setup:
Rules:
1. SHORT ONLY when price go above 1700 level.
2. SHORT ONLY when bearish candle formed in 4H chart.
3. DO NOTHING when above #1 & #2 are not met.
TP 1 : below level 1600
TP 2 : below level 1500
CL : level closed above 1760 (prev high)
RR > 3
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"All winning professionals know the enormous importance of psychology. Most losing amateurs ignore it.
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DISCLAIMER: There is a very high degree of risk involved in trading. Past results are not indicative of future returns. Trade at your own risk.
GOLD "THE BIG SHORT" SOON.... OR NOW!. Gold we have a great and potential opportunity. We could now go on sale, keeping a correct management of the capital, since it is very possible that it will reach the 1800s. Or wait. But the fall is imminent, we have strong resistance which combined with our patterns, should send the gold down.
