Gold GOLD PRO WEEKLY, December 02 - 06, 2019

Suphi

Private
Messages
10
Hi,
This is DiNapoli directional patterns. Grabber is failure trend change by MACD indicator. B&B is a type of momentum trade, when after strong thrust, you take position at Fib level in direction of the thrust. Details you could find in "Trading with DiNapoli levels" book and here, in elder posts.
Thank you sir.
 

Sive Morten

Special Consultant to the FPA
Messages
14,023
Greetings everybody,

So, yesterday we've made the suggestion that market has to respond somehow on strong daily resistance, despite that upside momentum is nice. Let's keep up with this plan. Here, on daily, if even market will not be able to proceed to XOP target, but it should challenge K-resistance area at least, when retracement will be over. But, this is next step. Now all eyes on retracement.
gold_d_05_12_19.png


Yesterday market has completed minimum DRPO "Sell" target and 50% Fib support of the thrust is done. Still, we have AB-CD pattern and OP still stands untouched. It means that we still consider taking long position around K-support area, when OP will be touched. May be butterfly "Buy" will be formed there, we will see. The only thing that we should avoid is nasty drop. So let's keep watching...
gold_1h_05_12_19.png
 

Sive Morten

Special Consultant to the FPA
Messages
14,023
Here is, on gold market everything goes well, and, indeed retracement is not over yet. But, we've got new inputs that we have to consider:
gold_d_06_12_19.png


Currently we're coming to the moment where we agree to conside long entry. This is 1468-1470 K-support area. At the same time, take a look - retracement takes a bit different shape of greater AB=CD pattern, which OP stands below K-support level. Now recall our initial AB-CD pattern that we've talked about. It's OP stands inside the K-area around 1470.
It means that best way to enter - wait for 1470 "yesterday OP" reaching and stop grabbing below "B" point. It should happen somewhere inside the K-support area, then take position, but stop has to be placed below "today's OP" which is 1467. Gold has to touch it before reaction on support area.

Ultimately you could wait for "today's OP" directly, but here you meet the risk to be without position as it could be fast spike down and you could miss the fill, then action could become fast. But, I'm sure that you better know how to manage your portfolio. This is just common thoughts on current situation and position taking tactics.
gold_1h_06_12_19.png
 

Lolly Tripathy

Sergeant Major
Messages
515
Here is, on gold market everything goes well, and, indeed retracement is not over yet. But, we've got new inputs that we have to consider:
View attachment 49069

Currently we're coming to the moment where we agree to conside long entry. This is 1468-1470 K-support area. At the same time, take a look - retracement takes a bit different shape of greater AB=CD pattern, which OP stands below K-support level. Now recall our initial AB-CD pattern that we've talked about. It's OP stands inside the K-area around 1470.
It means that best way to enter - wait for 1470 "yesterday OP" reaching and stop grabbing below "B" point. It should happen somewhere inside the K-support area, then take position, but stop has to be placed below "today's OP" which is 1467. Gold has to touch it before reaction on support area.

Ultimately you could wait for "today's OP" directly, but here you meet the risk to be without position as it could be fast spike down and you could miss the fill, then action could become fast. But, I'm sure that you better know how to manage your portfolio. This is just common thoughts on current situation and position taking tactics.
View attachment 49070
Great forecast
 
Top