The Chart you probably wanna see. Gold's turn. Logic. No bs.
Updated
https://www.tradingview.com/x/rV1T4LTr/
So about the chart, if you want to move straight to it. Far right is a Gold-colour vertical line & that is Monday's trading of earlier this week. Then several green vertical zones, Tuesday, Wednesday and Thursday of this week. 2 Red horizontal lines above and below is the Gold trading range for this week.
If you are wondering how big the Gold correction has been. You will see the Pink vertical line all time high to the bottom of this weeks trading range is about 9.85%. Pretty big huh.
I really needed to work this out for myself, what I mean is where I think Gold will turn
Does this sound like you? You are sitting in some rather massive Crypto profits, positions you have accumulated for several weeks to a even a month(s). Maybe you now have a few USD$ unrealised profits from the last week.
If the above is not you and I'm guessing you are in a majority, because the vast-main of traders would not have 'the stomach' for being big-margined in money lent by brokers and to be effectively in-risk of millions of dollars in Crypto purchases and other trading assets perhaps like Gold and Currency, well like I am, but my Margin is never more than x20 (max. in Australia legally allowed).
Trading is a Long-game, life-long hopefully, when you love it the same way I do. One of the best things I ever heard about trading, and its totally contradictory to what you probably hear and read from the so-called gurus, is that trading is about accumulating small-wins day in and day-out, bigger wins are fine, but consistent small wins. Not this B.S. you get fed that you can have 6 or 7 stopped-out trades, so long as you get that 1 outa 6 or 1 outa 9 wins. How is that good for your mindset. You have been fed garbage. That 1 winning trade will probably need to be a home-run, oh a home-run, which means taking on a risky means AFTER all those Stop-out trades.
Small consistent wins, accumulate into profits for you and it reinforces a positive mindset.
I once belonged to a trader pay subscription Signals trading group and this man who I won't name charged around 500 bucks a year, gave on average 6 currency trades a week, that is fine, but the problem was his win rate was something like 1 outa 5 and the 1 winner was a 1:1 RR. How do you profit from him? That UK man does not have to consistently beat the markets does he, because foolish and gullible traders line his pockets up every year in subscriptions. A fool and his money are soon parted, but we live and we learn sometimes I think.
Wow, that got a bit deep. All I wanted to share is where I see the Gold price turning. Well about another 1% down from this weeks lowest low, we commence a support zone and said support zone on the Daily chart is situated beautifully between the 50EMA and 200EMA and importantly for Gold's trend to remain bullish the 200EMA is situated beneath price.
Now, that said, I think the gas needs to come off the USD$ a bit right now, I don't think they want to overcook a dyeing currency, so if the economic data in the USA today is not favourable to the dollar, then a huge bullish rubber-band trade is back for Gold to the long side should emerge of up to 4% I feel if it really favours gold.
If that is the case then we disregard my chart here of Daily Gold.
Have a good day trading and make sure you properly breakdown the economic data first, so you have a clear understanding of Gold market direction. Don't simply buy or sell at a whim with your market maker in gold because all of the tricks and stunts they pull, and there is no accountability, they will probably initially set a Trap-long or a Trap-short throwing you to the wolves and then turn the market in the correct course.
Oh, but push in on the gold market maker and make say $36 out of them in a trade they don't like or approve and they will make you give every dime back plus some. Which is why Im increasingly moving away from Gold trading to currency, indice and stocks.
So about the chart, if you want to move straight to it. Far right is a Gold-colour vertical line & that is Monday's trading of earlier this week. Then several green vertical zones, Tuesday, Wednesday and Thursday of this week. 2 Red horizontal lines above and below is the Gold trading range for this week.
If you are wondering how big the Gold correction has been. You will see the Pink vertical line all time high to the bottom of this weeks trading range is about 9.85%. Pretty big huh.
I really needed to work this out for myself, what I mean is where I think Gold will turn
Does this sound like you? You are sitting in some rather massive Crypto profits, positions you have accumulated for several weeks to a even a month(s). Maybe you now have a few USD$ unrealised profits from the last week.
If the above is not you and I'm guessing you are in a majority, because the vast-main of traders would not have 'the stomach' for being big-margined in money lent by brokers and to be effectively in-risk of millions of dollars in Crypto purchases and other trading assets perhaps like Gold and Currency, well like I am, but my Margin is never more than x20 (max. in Australia legally allowed).
Trading is a Long-game, life-long hopefully, when you love it the same way I do. One of the best things I ever heard about trading, and its totally contradictory to what you probably hear and read from the so-called gurus, is that trading is about accumulating small-wins day in and day-out, bigger wins are fine, but consistent small wins. Not this B.S. you get fed that you can have 6 or 7 stopped-out trades, so long as you get that 1 outa 6 or 1 outa 9 wins. How is that good for your mindset. You have been fed garbage. That 1 winning trade will probably need to be a home-run, oh a home-run, which means taking on a risky means AFTER all those Stop-out trades.
Small consistent wins, accumulate into profits for you and it reinforces a positive mindset.
I once belonged to a trader pay subscription Signals trading group and this man who I won't name charged around 500 bucks a year, gave on average 6 currency trades a week, that is fine, but the problem was his win rate was something like 1 outa 5 and the 1 winner was a 1:1 RR. How do you profit from him? That UK man does not have to consistently beat the markets does he, because foolish and gullible traders line his pockets up every year in subscriptions. A fool and his money are soon parted, but we live and we learn sometimes I think.
Wow, that got a bit deep. All I wanted to share is where I see the Gold price turning. Well about another 1% down from this weeks lowest low, we commence a support zone and said support zone on the Daily chart is situated beautifully between the 50EMA and 200EMA and importantly for Gold's trend to remain bullish the 200EMA is situated beneath price.
Now, that said, I think the gas needs to come off the USD$ a bit right now, I don't think they want to overcook a dyeing currency, so if the economic data in the USA today is not favourable to the dollar, then a huge bullish rubber-band trade is back for Gold to the long side should emerge of up to 4% I feel if it really favours gold.
If that is the case then we disregard my chart here of Daily Gold.
Have a good day trading and make sure you properly breakdown the economic data first, so you have a clear understanding of Gold market direction. Don't simply buy or sell at a whim with your market maker in gold because all of the tricks and stunts they pull, and there is no accountability, they will probably initially set a Trap-long or a Trap-short throwing you to the wolves and then turn the market in the correct course.
Oh, but push in on the gold market maker and make say $36 out of them in a trade they don't like or approve and they will make you give every dime back plus some. Which is why Im increasingly moving away from Gold trading to currency, indice and stocks.
Trade active
Well I fell asleep in my trading chair 15 minutes before the economic data got released. I awoke about 20 minutes after the data to find in a daze that my computer mouse was not firing (left clicking). My expensive good quality one, well I broke the charger, I must buy another mx master 3. Don't rely on a $30 mouse which was the only China junk available at the supermarket the other day.
Gold and Silver appear to be LONG. I am long. I was confused with price action and frustrated until I realised that SIVER was in a double top moving up and down. You might've noticed that yourself, long, short, or do I not trade this today.
Silver is moving in this bullish rising wedge, this is good for long positions.
I would say if you want t0 go long now is a good time. Monitor yr trade or use a stop loss if you can't watch.
I said earlier that the USD$ needed a bit of wind out of its sails. This could be the trade that gets you back in the game, if you fell out.
Standby and I wll analyse the gold chart.
Note
SILVER is also moving in a 4hr falling wedge which will have a downward drift in price.There is allso the same thing happening on other timeframes. That is a falliing wedge. But the Daily chart is the one with most weight and its a bullish wedge price will be moving in for a good while. NOt just todayNote
As I said earlier these are the dirty tricks they place and use now to deceive. They easily create these patterns on different timeframes, as currently for silver price moving down iin falling wedges on several timeframe and a big rising wedge on the daily.Trade closed: target reached
I am still Long Gold and Silver.
Encouragingly the gold price very recently fell out of a falling wedge and this is good because its free to roam upwards in price now. It exited the falling wedge pattern on 30m, 1hr and 2hr.
When are these speakers on, one report is i read is a chance of iincreased volatility, in the Longs favour we hopel
Note
I am still Long. IGNOore gthe green message.Note
perhaps i can be a tad cynical of gold/silver and the people directly around it.
the gold price spent over 1 week falling in this wedge and clues that price would turn around today were seen and known when price exited this wedge.
Note
That is Australia timeNote
I do not want gold price to break through this. 30 m trendline. Hmm
Note
Note
They played fair & I try to not be too greedy. I booked profits here. 3.30am my time. Keep an eye on your profits, i really can't see things turning nasty bearish. 
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