Stumbled on this while learning something else, thought it was fun.
Resistance becomes support, yada yada. I drew a line from the '07 peak to the COVID bottom.
I thought to myself "inflation is like 3% right?" with no basis and no consideration of compounding. The math worked out eerily close to 3% yearly on the line.
I said "huh". So I drew some lines from...
I'm seeing some positive divergence in MACD as high as the 2hr and it's converging as well. I think it wants to test resistance at ~737, visible as a doji on the 4h. It could go even higher, as it looks like we are slowly turning momentum on the high timeframes, but if you are bearish, I think this is a good place to exit.
If you think Gold's momentum is slowing then you'll like this.
B lost the low between A and C. I'm targeting the untested open near B as a safer play, but if the smack looks strong, the Aggressive target from the larger leg down may come into play.
The move on the far left was "engulfed" to the right "by this move". It was part of a larger move up so we look for a long entry between C and A with a target of B. That's a sizable stop (though still greater than 1:1 reward) so I have marked several potential entries and we'll learn from what happens.
This is a prototypical three-bar play as advertised by some YouTube traders. I'm not trading it live but I am curious to see if there is any merit to it.
I fell victim to the TRCH hype at a loss already. This time we're going to follow some strict rules.
Buy in the demand zone highlighted
Sell in the supply zone above (less obvious on the chart)
Look for 3:1 return on risk. This pushes our entry down from the top of the demand zone towards the middle
We may miss the train but that is better than chasing it.
I like 3880.75 as an entry but I was caught snoozing. Should I chase or just give up?
Let's compromise -- there's a demand level visible on the 5m timeframe that lines up with the untested open on the 2h. Short stop and room to run. I'm bullish after this long move down because of the demand level 3875-3885.
It's been touched one too many times to bet the farm...
AAPL made a new high so there is a new good entry. Target is tentatively the previous high, but watch for hints of support/resistance as price approaches our new entry. It could return to there and then go lower, maybe all the way to our lower entry point.
We had a big drop. 1h open matches previous high on move to all-time high. I think there is a good chance for another drop -- watch the price action forming for a possible target
