XAUEURG trade ideas
XAUEUR D1: Trending UpHere are the key points for XAUEUR:
- Trend. I find the trend clearly up; the breakout from the long-term bearish Schiff Pitchfork seems to confirm it. Price seems to have switched from the down sloping fork to the up sloping one. The deviation from the black trendline is a sign of trend's acceleration.
- Support. The falling price has found support at the upper border of the down sloping fork, as well as at the median line of the blue fork. There's still minor support at 1065, but I find the key major support levels at the prior major tops: at about 1037 and 1020, as well as at the black trendline.
- Resistance. Price may find first resistance at 1091. Next, if current high at 1112 fails to hold, I'd expect another resistance at the lows of Apr-2015 topping bars, at 1130, and then at the upper median line parallel.
- Trading opportunites: entry at one of the support levels, with a stop-loss order below some prior low, looking to exit at some of the resistance levels with R:R of at least 1:1.
Here's the summary of how I see the current situation in financial markets (as of 16.02.2016, 13:30 CET):
The strongest currency: JPY (currently strengthening).
The weakest currency: GBP (still with room to weaken).
The leading markets:
- XAUGBP - trending up;
- XAUUSD - trending up;
- XAUEUR - trending up;
- XAUNZD - trending up;
- Natural Gas - trending down.
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Disclaimer:
There is a very high degree of risk involved in trading forex . I assume no responsibility or liability for any trading or investment results. My posted statements and charts may unintentionally include inaccuracies. All content posted is for educational purposes only and is not a financial advice. The presented set-ups are not solicitations of any order to buy or sell. Rather, you should use the information only as a starting point for doing additional independent research, your own due diligence, in order to allow you to form your own opinion regarding trading decisions. No assumption should be made in relation to the performance or accuracy of the methods shown. No claims are made as to the success or profitability of any of my posts.
Gold, long term accumulationWith a doubtful outlook on the world economy, people are seeking refuge in gold.
I already bought some gold at 972eur, and looking to enlarge my position around 1050-1060.
BEARISH BATPrice Patterns: "Bat"
The Bat Pattern, is a precise harmonic pattern discovered by Scott Carney in 2001
The pattern incorporates the 0.886XA retracement, as the defining element in the Potential Reversal Zone (PRZ).
The B point retracement must be less than a 0.618, preferably a 0.50 or 0.382 of the XA leg. The Bat utilizes a minimum 1.618BC projection.
In addition, the AB=CD pattern within the Bat is extended and usually requires a 1.27 AB=CD calculation. It is an incredibly accurate pattern and requires a smaller stop loss than most patterns.
BAT:
Point B:
38.2% to 50% XA
Point C:
38.2% to 88.6% AB
Point D:
88.6% XA
Targets:
TP1 38.2% AD
TP2 61.8% AD
XAUEUR Update Short-termConditions for Head and Shoulders . Still ECB meeting will set the major direction
XAU/EUR Currently consolidating under the T.L support but further decline seems likely.Under T.L resistance from Nov 3rd continue to look for shorts.In medium term we may see 960-940 levels come into play.If we break below these levels decline may extend further.
Gold in EUR,weekly, short, target ~640 EUR/OzIdea: 2 identical drives lower. That would imply EUR/USD to test 1.20- 1.22
GOLDEURO-nice long opportunityEverybody is looking at USGOLD now, here i found a clear long term opportunity to buy gold.
This setup is also supported buy Elliott Waves but i think the technical analysis is enough.
Looking at W1 chart we have:
- Price bouncing from trendline support
- 0.61 fib retracement
- bullish hidden divergence
- AB=CD pattern (weekly)
Here on D1 chart:
- bullish divergence
- another AB=CD pattern
- strong structure
- typical false breakout (this setup offers a R/R at least 1 to 2)
- engulfing bullish candle
- 1.61 fib projection
Best regards.
