GOLD Bull

Ken_T

Private, 1st Class
Messages
52
TL has now been broken. Let's see if it's a fake break or not..... If we head towards 1600 I'll be starting to stock up on longs
 

bigbax699

Recruit
Messages
35
Good morning all, Just a quick update today on the Gold buy we took on Monday. We are currently sitting in just over 480 pips in profit on this trade. But we need to keep watch for price action when it comes to the downwards trend line . There's a possibility that price could make a lower high and continue in the bearish trend . That's the vital part for this trade, if we don't break through then we take profit, if we manage to break through then we can continue to hold until we meet supply. GLIYF
Screenshot_1.png
 

Keithstyles1

Private
Messages
91
Last time i looked at gold it was sat at the support area of 1550 area. suggested it could move from there and price has since moved up a couple of hundred pips.
You can see it has bounced from the 0.38 fib a few times, which shows that area is strong on the daily TF.
Whats next? Well i dont know for certain but could we go up to form a triple top? who knows but look out for the top around the 1587 area.
We could then either get a retrace to the 0.38 fib again or even deeper to the 50% rest stop or to meet the .618 and trend for multiple confluences before a gigantic push up. Remember buy low sell high. Look for the spots dont trade in the middle and get caught outView attachment 50806
Gold can be very unpredictable
 

bigbax699

Recruit
Messages
35
Good afternoon all. Little update on the Gold trade I took. Currently 340+ pips in profit on this setup. The trade is currently set to risk free so we cant lose anything on this now. I've included the other time frames so you can see another reason that backed up my buy option, we broke above the previous supply area and price came back down to demand and the trend line . Lovely setup in my books. Would be great if we could visit the supply zone above. Keep holding for now, will update again when we get some good directional movement . GLIYF
Screenshot_1.png
 

JimmyRozza

Private, 1st Class
Messages
44
I pulled some nice pips from this last week. Patiently waiting for re-entry. Thanks for the update!
 

Keithstyles1

Private
Messages
91
Last time i looked at gold it was sat at the support area of 1550 area. suggested it could move from there and price has since moved up a couple of hundred pips.
You can see it has bounced from the 0.38 fib a few times, which shows that area is strong on the daily TF.
Whats next? Well i dont know for certain but could we go up to form a triple top? who knows but look out for the top around the 1587 area.
We could then either get a retrace to the 0.38 fib again or even deeper to the 50% rest stop or to meet the .618 and trend for multiple confluences before a gigantic push up. Remember buy low sell high. Look for the spots dont trade in the middle and get caught outView attachment 50806
Thanks for the analysis
 

bigbax699

Recruit
Messages
35
Good morning all, back on gold again today. Last time i took a trade on gold . we had the same setup buy from this monthly demand zone . The last trade failed to break the trend line convincingly so the trade was closed for 400 pips. We have since seen a lot of consolidation and most recently a drop back down to what looks to be a double bottom . I waited for support to form and this demand zone provided it. Impulsive bull candle so I entered on the candle close. Looking to visit the supply zone above for 1:3 R:R on this position. Easy one to take again GLIYF
Screenshot_1.png
 
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