GOLD Daily Matrix
Updated
This snapshot provides examples and levels and ideas for the future in the attempt to trade the daily Japanese Candlesticks on Gold. The close of a daily candle can provide an entry which is marked with an arrow above or bellow the day where a position has been taken at the closing price of the previous candle.
The dots represent the trailing stop loss which is positioned usually above the highs (for shorts) and below the lows (for buys) of big candlesticks which provide considerably higher highs (for buys) or lower lows (for shorts). Blue dot represents a hit on a stop loss with profits cashed in. Yellow dot represents a hit on a stop loss with a loss.
We use the levels and the rectangles or other shapes to guide our position taking, taking into account the nature of the candlestick that provides the signal, its shadow in case it is touching a level or a shape, and with a little bit of luck, the arrows from the future might guide us too, in our decision making process.
My favorite trading positions are usually taken on the Daily or 4H Naked Charts. This time I decided to draw some levels and markings to make it look more interesting and to provide examples of how some market price action and phenomenons might be expected if not predicted in advance. The math behind the flows and movements of the markets are usually intimately related to the past, to the highs, lows, gains and losses, which from a technical point of view are relevant regardless of the fundamentals that dictate the general direction and tendencies of the price.
The dots represent the trailing stop loss which is positioned usually above the highs (for shorts) and below the lows (for buys) of big candlesticks which provide considerably higher highs (for buys) or lower lows (for shorts). Blue dot represents a hit on a stop loss with profits cashed in. Yellow dot represents a hit on a stop loss with a loss.
We use the levels and the rectangles or other shapes to guide our position taking, taking into account the nature of the candlestick that provides the signal, its shadow in case it is touching a level or a shape, and with a little bit of luck, the arrows from the future might guide us too, in our decision making process.
My favorite trading positions are usually taken on the Daily or 4H Naked Charts. This time I decided to draw some levels and markings to make it look more interesting and to provide examples of how some market price action and phenomenons might be expected if not predicted in advance. The math behind the flows and movements of the markets are usually intimately related to the past, to the highs, lows, gains and losses, which from a technical point of view are relevant regardless of the fundamentals that dictate the general direction and tendencies of the price.
Comment
Stop loss can me moved at break even entry point 1969.55 in this case, because the price is at the marked level and we already have 1 and another potential shadow here. Normally it would have been above the high of the previous candle, but this is an unusual setup and the market hasn't dropped today. (yet). Comment
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Corner reboundComment
Another bounce at the rectangle. This Matrix is starting to look interesting. I once got a hit on a big oval shape with red dot in the middle. Don't know if it will happen on this one as well. Comment
Nice candlestick shadow at the long rectangle. Would be interesting if we approach the day's close in same format.Comment
Ping pong between the two rectangles for now.Comment
The price bounced from the small rectangle and we have pierced the long one. Looking forward to hit a marked target on this drawing. Maybe the grey man or the bulls eye. Thanks for watching this project.Comment
I don't know if the marked date of 17 August is a potential pivot point. The low from yesterday was not broken and we have an almost neutral candle for today. I wouldn't go long unless the shape of the candle changes into a green bigger one, but I am still expecting some future bounces at the shapes on this project. Thanks for watching.Comment
Very interesting bullish candle for today and the low of the daily candle form the marked date of 17 August hasn't been broken. Main target for a long in this position would be 1911 at the white line from above.Comment
A good buy, but the price bounced from the 1904 level which is just one point above the marked red line level. I wouldn't hold the position and the price is still above entry (previous close).Comment
It was a good pivot point with low from 17 August. Looking forward for the next one. The white line was broken for now.Comment
Very interesting situation with two candlestick shadows at the blue double arrow around 1946.8. I look at these setups as potential pivot points.Comment
3rd candlestick shadow at the double arrow blue horizontal line and a small bounce from the rectangle below. Don't know if this marked date is also another pivot point like the last one.Comment
4th candlestick shadow at the marked level with the blue double arrow, close probably still below it. Tomorrow is the last day inside the time range of the rectangle below which acted as support on Friday.Comment
Pivot point confirmed at the horizontal blue double arrow. Last day for the rectangle and it has been pierced. I don't know if the momentum can bring this down to test the white line at 1910, but the short position can be already secured at break even.Comment
Candlestick shadow at the market price of 1903, with the close nearing the white line at 1911. Potential pivot point.Comment
The hammer pattern at the white line turned out to be a good pivot point. After a drop from the peak of the bull wave we had another bull candle today. All major pivot points have happened at shapes or time stamps so far. So either we are still on the bull wave that started at 1911 or the matrix was not ready for the pivot point with the inverted hammer from 20 September. There is still room in this Matrix for another good pivot point at any of the shapes or time stamps.Comment
We are at the beginning of the marked day of 29 September right above the long blue rectangle which could prove to be a support level, if this Matrix is relevant and efficient in predicting future price action.Comment
I was considering the big red dot a potential price target in time, but as of now 1844 could be just resistance. Next time stamp is a long way from now, unless the one for the dot becomes relevant. Anyone who shorted at the yellow rectangle, or at the first purple, or the second small purple, or the blue double arrow, looks like a king now, when the dollar is king and is dragging this down.Comment
A very big bull run after the recent events on the world stage. Blue rectangle broken back and Red Eye mark is almost in sight. A hit on it or even a light touch nearby, would be a big blow to any perspective that eyes the random distribution of price action that can not be predicted in advance in the current global climate of incertitude and big surprises.This Matrix was published on 22 July so let's hope we don't get a hit on the Red Dot. It would have devastating consequences.
Comment
The price has entered the Orange Ellipse. From the perspective of the random distribution of events, especially in the current climate of unfortunate and hard to predict scenarios, and in the context of the nature of the matrix that was the initial idea, this could be considered an exceptional event with a low probability of occurrence in the grand scheme of large numbers.Comment
There have been some interesting pivot points, turnarounds or bounces from some of the elements in this Matrix until the middle of September. After that the only interesting occurrence was the hit on the red dot, even if one day earlier. In the current climate of global events and volatility, don't know if this Matrix will get to see any more relevant bounces from the shapes.Comment
Found some resistance at the grey zone.Comment
Potential Inverted Hammer at the blue rectangle with the shadow high right at the marked level. I don't consider this to be a potential pivot point. Maybe with a bearish candle confirmation the next trading day, but in the current geopolitical climate, it would be hard to short gold. Comment
Follow up bearish candle for a potential confirmation but doesn't look convincing for a complete reversal.Comment
More bearish momentum, followed by a bounce from the marked price level.Comment
The marked level below holds. Extended the grey arc that follows the drop and intersects with the price at the turnaround. Added a star at the marked date.
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Looks like a hit on the star from the previous update.Comment
Extended the arc. Coincidently the price bounced from it right at the marked time stamp leaving a candlestick shadow behind and a potential pivot point.Comment
Candlestick shadow at the marked level and a small pivot point. Is this the beginning of a correction?Comment
A little bit of a rebound with a candlestick shadow at the marked price level.Comment
Nothing to signal any potential pivot point in this time frame besides the first white arrow pointing up. Could be just a coincidence.The project is not over yet. Looking forward for some more intriguing price action at the remaining elements.
We are back at the marked price level.
Comment
Two candlestick shadows right above the marked price level. Interesting bearish candle for today. if it remains like this, looks like a potential pivot point.Comment
I wasn't expecting this project to require another update, but after this near bounce at the top of the big ellipse, and having a closer look at this snapshot, I can declare that another update, after this one, will be relevant.
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