Ivey may give CAD a further nudge upwards [update: it didn't]. USD-wise, overreaction to prints almost always return to the opening price/prior close if there is no follow-through within fifteen minutes of the first push then remain range-bound for ...

Davit's Confluence Trading

Buyer's beware: Overreactions to market data almost always return to the opening price if there is no follow-through within 15 minutes. I am short with a stoploss at the top of the surge. I will use opening range strategy today to either add to or ...

XAU/USD & XAG/USD - Gold & Silver Traders Thread

The most significant technical on your chart is the rising support line, confirmed by the parallel connecting the highs as illustrated by SunTrader* and Archer two posts prior to yours. People were calling $1,350 the top of the corrective bounce yet ...

XAU/USD & XAG/USD - Gold & Silver Traders Thread

I draw them in every time frame. NetDania charts (what I usually post) keep RSI lines separate for each time frame. For TWS (Interactive Brokers) and the misleadingly named ProfessionalCharts (the only charts what work on my Windows XP laptop) I ...

Davit's Confluence Trading

Slow is relative to the time frame. In the case of the resistive slow line in this chart, the previous line had been invalidated and taking it back to the prior high would defeat the purpose of using the 5-minute scale. Also, on the five minute ...

Davit's Confluence Trading

Since that seems to be it for the day (I'm going to bed regardless), here's how I determine non-channelling RSI trend lines using the 5-minute gold chart as an example (reposted from my post in Davit's Confluence Trading thread). It works on all ...

XAU/USD & XAG/USD - Gold & Silver Traders Thread

Here's how I determine non-channelling RSI trend lines. It works on all time scales, though on the 5-min chart I used as an example I would only trade bounces off the slow lines and use the fast lines as confirmation of the change of trend. That the ...

Davit's Confluence Trading

Obviously, daily RSI broke well below the support trend line since my last post and is sitting right at the previously noted pivot line at 50 (well, slightly above 50 at the moment) so that move up in price to the 76.4% Fibonacci (also the daily ...

XAU/USD & XAG/USD - Gold & Silver Traders Thread

Gold rose enough to pull daily RSI back above the trend line, returning us to a bullish market. Also, I noted on my other computer that the hourly Fibonacci I was using last Friday seems to have better levels so I've included a new hourly chart with ...

XAU/USD & XAG/USD - Gold & Silver Traders Thread

That certainly didn't turn into the EUR/AUD reversal I was hoping for. Bullish daily RSI trends have now been invalidated but price bounced from the support line just as the AUD/USD was rejected by its resistance lines in both price and RSI. EUR/USD ...

Davit's Confluence Trading

I have my descending trend lines at a slightly different angle than yours (not that yours aren't equally valid) making the recent high potentially very significant. Also, this Fibonacci placement emphasizes a return to $1,200 to complete a ...

XAU/USD & XAG/USD - Gold & Silver Traders Thread

I haven't had the opportunity to respond to recent PMs, etc., but here are two quick charts: Gold has broken through a median price support line and daily RSI has broken primary support (dotted blue) which are both bearish. Daily RSI currently sits ...

XAU/USD & XAG/USD - Gold & Silver Traders Thread

I really shouldn't have traded tonight as I didn't have any strong triggers, but I was frustrated by gold hitting my target exactly and not being able to place an order because New York is closed and I can't trade spot. I can only hope that gold ...

Davit's Confluence Trading

GBP/USD bounced off price-action and RSI daily support lines. I would think 1.57 will be seen again shortly and I will not be shorting any Pound crosses at this point. image

Davit's Confluence Trading

Silver tasted its low then moved back up to handily clear Friday's close. Gold is within a 3rd of a percent of Friday's close. Clear rejection at the triple Fibonacci convergence at $1374 makes another move down to that level very unlikely (but one ...

XAU/USD & XAG/USD - Gold & Silver Traders Thread

Gold loves Fibonacci, but knowing that and watching it hit the initial target pull back level doesn't do anything for those of us who can't trade spot and have to wait for the NYMEX to open. Daily RSI is right at support, so assuming that holds, by ...

XAU/USD & XAG/USD - Gold & Silver Traders Thread

I couldn't find current example so I drew one out instead. Note the key factors in distinguishing a head and shoulders from regular price action: 1) The trend must run up the arm into the left shoulder. If the trend approaches from the top it is not ...

XAU/USD & XAG/USD - Gold & Silver Traders Thread

As far as my methodology is concerned, I can't do anything with USD/CAD at the moment. The daily chart has this pair in an area of too much congestion so I'd personally wait for it to break up or down (preferably down ...I've got DVDs that want me ...

Davit's Confluence Trading

My view on USD/CAD is sadness (I want our dollar at or better than parity) but give me a moment and I'll look at a chart (I don't have one currently for that pair).

Davit's Confluence Trading

Oh, I don't use overbought/oversold. I see no value in that whatsoever. For RSI I rely on solely on trend lines. For example, I shorted gold when it bounced off resistance on the five-minute chart. The change in trend was confirmed when the lower ...

Davit's Confluence Trading