Multi Timeframe Analysis
Hint: Lurch further to 1723
Recommendation:
All previous gold forecasts hit target blow by blow. Now with gold in a range, market makers know that retail traders will expect an upside move. Yes there will be minor retraces up, however this will stop out buyers. Gold will fall further to the -27% fibonacci extension which coincides with strong market structure. Observe the institutional order blocks at this level which must be fulfilled to provide liquidity to hedge funds and institutions.
Once profit is taken at 1723, observe price action. Wave analysis hints that gold should drop further to 1680 or 1650 to satisfy unfulfilled Order Blocks south. Should this level be breached, the Weekly Descending Channel will reinstate gold's further decline .
MARKET ORDER RULES
Take a market order position upon the confluence of valid entry rules on the 4H or 1H chart.
-=ENTRY RULES=-
Trading philosophy: Don’t short at the lowest of the bearish momentum nor do we long at the peak of a bullish impulse. The safest entries are at the end of a retrace on the 38.2%, 50%, 61.8% or 78.6% fibonacci back in the direction of the master trend.
Note: I use Daily/4H or 4h/1H market structures with wave analysis to prep for potential entries. The RSI , MACD and EMA indictors are confirmation for entries at the 4H or 1H timeframe
For SHORT:
4H chart should confirm that the bullish retrace had turned bearish in the direction of master trend. The MACD should have dropped below zero signifying a bearish environment. Price would have dropped below the 10 and 20 EMA . For good measure, check that the 4h and D1 RSI is below the 50 signal line
For LONG:
4H chart should confirm that the bearish retrace had turned bullish in the direction of the master trend. The MACD should have gone above zero signifying a bullish environment. Price had gone above the 10 and 20 EMA . For good measure, check that the 4h and D1 RSI is above the 50 signal line
About me
I am not a financial advisor nor a signal provider. These are the opinions of a 20-year private trader in the legal profession as well as a businessman diversified in the tech and hospitality industries. Trade at your own risk.
Hint: Lurch further to 1723
Recommendation:
All previous gold forecasts hit target blow by blow. Now with gold in a range, market makers know that retail traders will expect an upside move. Yes there will be minor retraces up, however this will stop out buyers. Gold will fall further to the -27% fibonacci extension which coincides with strong market structure. Observe the institutional order blocks at this level which must be fulfilled to provide liquidity to hedge funds and institutions.
Once profit is taken at 1723, observe price action. Wave analysis hints that gold should drop further to 1680 or 1650 to satisfy unfulfilled Order Blocks south. Should this level be breached, the Weekly Descending Channel will reinstate gold's further decline .
MARKET ORDER RULES
Take a market order position upon the confluence of valid entry rules on the 4H or 1H chart.
-=ENTRY RULES=-
Trading philosophy: Don’t short at the lowest of the bearish momentum nor do we long at the peak of a bullish impulse. The safest entries are at the end of a retrace on the 38.2%, 50%, 61.8% or 78.6% fibonacci back in the direction of the master trend.
Note: I use Daily/4H or 4h/1H market structures with wave analysis to prep for potential entries. The RSI , MACD and EMA indictors are confirmation for entries at the 4H or 1H timeframe
For SHORT:
4H chart should confirm that the bullish retrace had turned bearish in the direction of master trend. The MACD should have dropped below zero signifying a bearish environment. Price would have dropped below the 10 and 20 EMA . For good measure, check that the 4h and D1 RSI is below the 50 signal line
For LONG:
4H chart should confirm that the bearish retrace had turned bullish in the direction of the master trend. The MACD should have gone above zero signifying a bullish environment. Price had gone above the 10 and 20 EMA . For good measure, check that the 4h and D1 RSI is above the 50 signal line
About me
I am not a financial advisor nor a signal provider. These are the opinions of a 20-year private trader in the legal profession as well as a businessman diversified in the tech and hospitality industries. Trade at your own risk.