Gold Daily Video, 17 May, 2017

[Sive Morten]

Good morning,

All background for B&B pattern has been formed. Now we need to get intraday bearish reversal pattern to take short position:





The technical portion of Sive's analysis owes a great deal to Joe DiNapoli's methods, and uses a number of Joe's proprietary indicators. Please note that Sive's analysis is his own view of the market and is not endorsed by Joe DiNapoli or any related companies.

 

[Sayed Haider]

Hello Firstly I tender my apology to Mr. Sive as I promised to give only weekly views. But as the market conditions changed so fast during these two three days that the whole scenario has changed. In my last message I highly believed that Gold is highly sell side and US Dollar will go much high. Accepting defeat is a good virtue and to go with the market is wisdom. We should also have to change the position if we are wrong rather satisfying our ego. I was selling on Gold my SL was 1241 and my stop loss hit. I checked again minutely what is happening US dollar was losing its strenghth almost against all currencies due to the economical news not favouring dollar. Generally market respects channels and pennants. They try to remain in the channel bearing or bullish similarly they make pennants namely Flag pole pennants descending pennants ascending pennants and diamond pennants. diamond pennants are very rare. If we thoroughly check Gold last week Gold has made a morning star which means that the next weekly candle will be bullish and this is what has happened. Its not necessary that you should blindly follow me but here what we will do should be making some sense. Gold is moving in a bullish channel. The last trend line boundary was at 1214 and market made a weekly morning star and made a clear indication that the present week candle will be bullish and will touch the upper trend line of the bullish channel which is at 1320 precisely. I changed my position immediately at 1241 and sat at buying position. Now I am chasing Gold and my target is 1320. Similarly i have opened my 2nd position with usd/jpy in selling after taking a small loss in buying. I can see usd/jpy at 104.60 . Place your SL positions at reasonable distance and materialize your both the trades atleast with 1:7 which means that if you lose you will lose one and if you will win you will win 7 times.
Happy trading and Regards

 

[Sayed Haider]

My thanks and gratitude Obviously goes to Mr. Sive Morten, who is beside forecasting teaching us the various patterns He knows how to take good trades since long time. So friends you have seen yesterday how Gold climbed and USD/JPY came down. In my yesterday message I have explained the targets we will achieve and this was because of the bad economical news from USA plus the recent political mess was created by Donald trump. Today we will see further rise in Gold . While USDollar will be weak.. The best way of trading is (as you go on making profit achieving your final target just promote your SL position by locking your profits because sometimes market bounce back and in this scenario you will not lose all what you gain). It will only hit your SL position and you will still enjoy good profit. Trust me many good traders chase the whole cycle with unbelievable profit on their side.So let the profit runs and promote your SL position.Please note your SL position should be at a reasonable distance.
Thanks once again Mr. Sive Morten, happy trading and regards.