Is gold conscious of the red trend line?
Updated
Gold came to see the shape of downtrend.
Gold has not reached YPP (P) 1269.009 and is trying to fall again.
Please look at the weekly,You can also see the red trend line being conscious.
weekly
But I decided not to use this line because of my discipline.
So I will not do anything now.
There is no reliable horizontal line near here.
Therefore, as usual, I wait for the entry since I attracted somewhere to PP.
<< tactics >>
1-1) It got up and reached near YPP (P) 1269.009. It functions as a resistance line.
short.
The first limit is decided with reference to WePP of the next week.
The second limit is on MPP (S1) 1229.533.
1-2) It got up and reached near YPP (P) 1269.009. It penetrated above.
Because it assumes down trend, I do not do long entry.
2-1)It got down and reached near MPP (S1) 1229.533, which functions as a support line.
Because it assumes down trend, I do not do long entry.
2-2)It got down and reached near MPP (S1) 1229.533, penetrated downward.
Short entry will be done once it functions as a resistance line.
The first limit is decided with reference to WePP of the next week.
The second limit is on MPP (S2) 1206.045.
I would be grateful if you like it idea,give me follow or agrees!
------------------------- <Legend> --------------------------
Brown thick line: Yearly Pivot Points (YPP in the text)
Light blue thick line: Monthly Pivot Points (MPP in the text)
Green thin line: Weekly Pivot Points (WePP in the text)
Indigo thick line: Horizontal line or Trend line seen by weekly or monthly
Indigo thin line: Horizontal line or Trend line seen by 4hourly or daily
Indigo dotted line: outstanding round number.
Red thick line: Untrustworthy line for me
Red curve: EMA 20 close
Indigo curve: EMA 200 close
Green curve: EMA 800 close
Black curve: EMA 1600 close
x mark: Line which may not function
------------------------- <Legend> --------------------------
Gold has not reached YPP (P) 1269.009 and is trying to fall again.
Please look at the weekly,You can also see the red trend line being conscious.
weekly
But I decided not to use this line because of my discipline.
So I will not do anything now.
There is no reliable horizontal line near here.
Therefore, as usual, I wait for the entry since I attracted somewhere to PP.
<< tactics >>
1-1) It got up and reached near YPP (P) 1269.009. It functions as a resistance line.
short.
The first limit is decided with reference to WePP of the next week.
The second limit is on MPP (S1) 1229.533.
1-2) It got up and reached near YPP (P) 1269.009. It penetrated above.
Because it assumes down trend, I do not do long entry.
2-1)It got down and reached near MPP (S1) 1229.533, which functions as a support line.
Because it assumes down trend, I do not do long entry.
2-2)It got down and reached near MPP (S1) 1229.533, penetrated downward.
Short entry will be done once it functions as a resistance line.
The first limit is decided with reference to WePP of the next week.
The second limit is on MPP (S2) 1206.045.
I would be grateful if you like it idea,give me follow or agrees!
------------------------- <Legend> --------------------------
Brown thick line: Yearly Pivot Points (YPP in the text)
Light blue thick line: Monthly Pivot Points (MPP in the text)
Green thin line: Weekly Pivot Points (WePP in the text)
Indigo thick line: Horizontal line or Trend line seen by weekly or monthly
Indigo thin line: Horizontal line or Trend line seen by 4hourly or daily
Indigo dotted line: outstanding round number.
Red thick line: Untrustworthy line for me
Red curve: EMA 20 close
Indigo curve: EMA 200 close
Green curve: EMA 800 close
Black curve: EMA 1600 close
x mark: Line which may not function
------------------------- <Legend> --------------------------
Note
It is likely that this week will end with the battle as to whether to penetrate the red line or not.
Note
It reached near by MPP(S1)
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