GOLD Trading Setup
GOLD Trading Setup
by: Colibri Trader
Dear Traders,
The trading setup from last time- GBPAUD is already in 160 pips profit. The market is not open yet, but it looks as bearish as when I was writing about it. There is a big red bearish candle from Friday. No evident signs from buyers so far. I would like to see how the market would open to plan my further action. So far, there is no evidence for bullish bias or profit taking.
GOLD Trading Setup
The trading setup from today is coming from the Gold market. I am looking at the price action and it looks bearish. We are standing just below the minor resistance area at 1183. The next resistance area is at 1200. I will be extremely careful for another bullish leg towards this area. For now, it seems like we are about to see a minor pull-back towards the major support level at 1120. The daily price action is confirming this bearishness. The Friday candle is an inside bar. The intraday charts are also confirming a bearish attitude of the market participants. I am thinking of opening a short trade at around 1172. My stop-loss will be placed just above 1185. My first price target is the level of 1160. My secondary price target is the level of 1145. My final is the level of 1125.
Happy Trading,
Colibri Trader
Hi colibritrader,
I see gold coming into a support zone
and also on weekly forming a risiing three pattern.
This has a very possible outcome for a burst up
CFD chart 1254 to 1242 turning area
We will wait for price action to confirm in this area
Lowest risk if p/a bulllish confirms 1243 entry
I’m expecting a false break of 1242
Hopefully we can get a pos div on RSI
Comments welcome by all
Regards
I see 1240 as a potential support level. What I am monitoring now is silver. It looks even better to me and you can check out my latest trading article on silver here:
https://www.colibritrader.com/xagusd-trading-setup/
http://fxpro.ctrader.com/c/k2Zpn Gold
Hi colibritrader,
I’m waiting for a substantial candle in order to go long gold.
I have just left the comment for Gold under your previous comment on Silver 🙂
Hi colibritrader,
I feel I may have bought gold prematurely.
If price breaks prior cluster, that will confirm my instinct.
Not a great deal at stake as I usually buy small on intial position.
1200.00 area looks to be next stop.
In hindsight I didn’t stick to my premise to wait for something substantial in the way of a bull candle.
I’m about to start reading “Reminiscences of a Stock Operator”
I know therfamous quote by Livermore, where he states the money is made in the waiting not to trading.
How true.
I know I would increase my strike rate if I fully embraced this motto.
Seems harder in a society where we are use to getting everything now … lol
I should move to the bush away from it all, and just wait for a signal. Most likely an internet signal.
I read a story about a man who lived in a cabin in the mountains, where all he had access to was a newspaper, he would then make his way into town where his broker was when he thought a substantial trade was ready to execute.
He did very well.
Regards
Hi Dan,
just be careful with the 1242 zone. There is a minor resistance, but it seems like you might have entered in a good long trade. Regarding J Livermore- that is one of the greatest traders of all time- no question about it. To be frank with you, I found his other book more practical and is probably one of the most re-read books in my life. The name is: How to Trade in Stocks. Use a pencil when reading it, because there will be a lot to underline 😉
J Livermore was very secretive and did sth similar to what the “Man in the mountain” was doing in your story. There is another interesting read by Nicholas Darvascalled “How I made 2M in the Stockmarket”- not as good as the former one, but definitely recommended.
Hi colibritrader,
I do appreciate your replies, I know your busy.
I’m interested to read How to trade stocks, now.
Thank you 🙂
Hi Dan,
I am always happy to share. Being busy is not what makes a difference. What makes a difference is helping others and improving together. The importance of sharing and communicating is immense and it is a shame that only a few people are taking advantage of it.
Yours,
Colibri