We all should be looking at GOLD right now, and I’m going to tell you why. Keep in mind this is a Multi Time Frame Analysis, with no indicators, just the candles (I like to keep things simple).
First, we see a triangle pattern here. In theory, it’s a continuation pattern, and the target of this trade would be near U$ 1,800 (coincidently, a previous top, dating way back 2012).
But (there’s always a “but”), it could break downwards. In that case, GOLD would meet some supports, and they are relatively strong, just look at the chart. Support 1 = 38.2% fib retracement + previous top. Support 2 = 61.8% fib + previous bottom. And that’s good for the bulls, right? Yes, especially if they manage to keep the price above U$ 1,690. Why? Well, let’s look the hourly chart:
See how important the U$ 1,690 is? It’s a real WAR ZONE between bulls and bears. But remember, the bears also have their reasons to show up. Yes, they would have to face some strong supports, but they already gave us some signs that they are stronger than we might think. Let’s look at the weekly chart for more clues:
See that Shooting Star? It wasn’t fully triggered, but neither was cancelled by the bulls. If lost, we can see the price meeting some of the supports we mentioned previously.
To summarize, a trader can use multiple timeframes to guide him/herself through the market. It’s complex, yes, but for now we must be calm, and wait for the opportunity. Like a sniper.
Remember to follow me, I’m a trader who uses the classic technical analysis (barely any indicator, just the candles and the volume). Like this idea if it helped.
Thank you very much.
* LIKE this idea and FOLLOW me, because:
- Here, you will see clean charts;
- Trades with clear risk management;
- The best of Dow Theory, Price Action and Candlestick psychology;
- Chart patterns with statistics. *
* My name is Nathan, I'm a trader and portfolio manager and I'm here to LEARN. Leave your COMMENT and FOLLOW me to keep in touch. *
First, we see a triangle pattern here. In theory, it’s a continuation pattern, and the target of this trade would be near U$ 1,800 (coincidently, a previous top, dating way back 2012).
But (there’s always a “but”), it could break downwards. In that case, GOLD would meet some supports, and they are relatively strong, just look at the chart. Support 1 = 38.2% fib retracement + previous top. Support 2 = 61.8% fib + previous bottom. And that’s good for the bulls, right? Yes, especially if they manage to keep the price above U$ 1,690. Why? Well, let’s look the hourly chart:
See how important the U$ 1,690 is? It’s a real WAR ZONE between bulls and bears. But remember, the bears also have their reasons to show up. Yes, they would have to face some strong supports, but they already gave us some signs that they are stronger than we might think. Let’s look at the weekly chart for more clues:
See that Shooting Star? It wasn’t fully triggered, but neither was cancelled by the bulls. If lost, we can see the price meeting some of the supports we mentioned previously.
To summarize, a trader can use multiple timeframes to guide him/herself through the market. It’s complex, yes, but for now we must be calm, and wait for the opportunity. Like a sniper.
Remember to follow me, I’m a trader who uses the classic technical analysis (barely any indicator, just the candles and the volume). Like this idea if it helped.
Thank you very much.
* LIKE this idea and FOLLOW me, because:
- Here, you will see clean charts;
- Trades with clear risk management;
- The best of Dow Theory, Price Action and Candlestick psychology;
- Chart patterns with statistics. *
* My name is Nathan, I'm a trader and portfolio manager and I'm here to LEARN. Leave your COMMENT and FOLLOW me to keep in touch. *
🔴 Only 5% of traders manage to beat the market.
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💲💲 Project 5%: + 104%
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👉 Join the 5%: thefinancehydra.com/
💲💲 Project 5%: + 104%
🔹 S&P500: +35%
💪 Public track record.
