The Gold currently is in a upward rally (daily Time Frame), after a short pullback where it has found a support area (coinciding with the 8 ema), it will continue with its rally. We are using an one hour time frame to find the best moment to enter into the rally, and we will have a good oportunity when the price will cross the 150 wma We can put our 1/2 TP in the previous Higher Price (1324) the 2/2 TP in 1339 and the SL in our previous Lower price (1305)
I always recommend to move the Stop Loss, you Never should convert a Winner position into a losser position
I don't know.....if you look at the bigger picture (D1 time frame) it definitely looks like the pullback isn't over; you have an huge hanging man and a doji plus RSI 14 and stoch clearly overbought cause of the "rally" of december plus a confirmation of a big daily red candle we have seen forming in the past two days.
I believe instead that this retest of 1313-1315 area is only a pull back of the pullback which will probably go down to 1305-1300 again;
just so you know, Im very very bullish long term, but short term daily I believe January-mid January will be bear's business with retest of important level like the one you mentioned (1310, 8 ema) but also
some other fibonacci 1297-1282 above all. :)
Let me know what do you think about this, I like exchanging ideas :)
fjmartinez.trader
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@simonepepita91, Hello and regards, I Always like to discuss with someone with different point of views, it help us to learn.
I think you are looking the daily time frame with other perspective. What I am looking is the next pattern:
The upward trend starts in December 2015, it has a correction wave from July 2016 until December 2016, then it continues with the next movement (Eliot wave 3) where we are currently.
I'm agree with you that looking the daily time frame it show us that could be possible to retest the support in 1297 but in the one hour time frame the macd is showing a divegence signal so it could be an exhaustion symptom and another important point is that today I feel as a bull ;)
But as you know this is not a exact science so whatever commentary will be welcome.
simonepepita91
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@fjmartinez.trader, I'm really happy I have learned how to manage decently risk, money,lots, positions, SL, TP etc., because not so long ago my account would have been wiped in situation like this, where I believe the "big players" try to hit SL and get the control back of the market and in this case they make both our view valid and possible but not 100% correct until CONFIRMATION SHOWS.
So I took the advantage of the initial and obvious pullback from 1317 to 1310 but I didn't mean to enter another short until important levels like 1305-1300 would break out; sometime ago instead I would have left the position open and what just happened would have destroyed my account.
Regarding your view, as in my case, it is a VERY POSSIBLE scenario (the bullish one), but long term and in need of an important CONFIRMATION like breaking levels such as 1330-1335 in order to see the new crazy trend up to 1350-1400 again.
Very nice bro, happy trading !!!!!
fjmartinez.trader
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@simonepepita91, I am agree when you talk about the "good risk management" importance and also to wait always until confirmation Shows. For those reasons I waited to enter until the 150 wma was crossed, I closed my firt partial at 1324 (TP 1/2) and I moved my current SL to 1320 and I will continue moving it progressively. When it be reached I'll wait for then next Confirmation or I'll stop and I'll do other analysis.
I believe instead that this retest of 1313-1315 area is only a pull back of the pullback which will probably go down to 1305-1300 again;
just so you know, Im very very bullish long term, but short term daily I believe January-mid January will be bear's business with retest of important level like the one you mentioned (1310, 8 ema) but also
some other fibonacci 1297-1282 above all. :)
Let me know what do you think about this, I like exchanging ideas :)