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  • #1,981
  • Dec 15, 2021 1:41pm Dec 15, 2021 1:41pm
Limit order buy triggered at 1760 which was the Nov low. Used low risk
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  • #1,982
  • Dec 15, 2021 2:05pm Dec 15, 2021 2:05pm
Hey well done @trickortrade. I too had a limit order buy but cancelled it prior to action after I second-guessed myself (damn).

Never underestimate their ability to mess with money and with your head - they have this game wrapped up tighter than a fishes rectum.
Keep focus on the things you do have control over - specifically, your risk exposure and probability calculations.

For those of you looking at seasonality, don't forget thin markets during holiday, exercise risk management and caution.
  • #1,983
  • Dec 15, 2021 2:14pm Dec 15, 2021 2:14pm
Quoting phd893
https://www.mql5.com/en/charts/15021...-group-limited MetaTrader 5, Real // UpR // H4 HLHH Up {image} {file}
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  • #1,984
  • Dec 15, 2021 2:46pm Dec 15, 2021 2:46pm
well
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  • #1,985
  • Dec 15, 2021 3:00pm Dec 15, 2021 3:00pm
Quoting aeternum
{quote} News came out as expected with a slightly hawkish tone due to high inflation. Gold briefly peeked below 1762 and tapped 1753 before staging quite the rally. It would be prudent to take note of the close of the current 4H and daily candles to see what may come next. We still have 1788-1790 resistance up above before 1800 to 1808 if we want to see any strong buying coming in. I am not optimistic on gold any further because of how hawkish the Fed is right now. Whether there is any seasonal bullishness or not. I believe it is clear that the...
Fundamentally, Powell still on Dovish tone althought FOMC Projection on Hawkish Side.
He said rate proje tion still uncertainty until coming months ahead.

So, BUY GOLD with TP on 1831 or 1840.
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  • #1,986
  • Dec 15, 2021 3:13pm Dec 15, 2021 3:13pm
Ok, sounds like a plan Prof!!!
  • #1,987
  • Dec 15, 2021 11:19pm Dec 15, 2021 11:19pm
Quoting Prof.Trader
{quote} Fundamentally, Powell still on Dovish tone althought FOMC Projection on Hawkish Side. He said rate proje tion still uncertainty until coming months ahead. So, BUY GOLD with TP on 1831 or 1840. {image}
Well yes, I was actually still looking for 1831 to be hit because no matter how you look at the chart, this level was totally ignored on the way down, which leads me to believe we will be retesting it.

It provided decent resistance in the past but was totally ignored as a support level, makes me wonder.
A 1 pip gain is better than a 1 pip loss.
  • #1,988
  • Dec 16, 2021 1:35am Dec 16, 2021 1:35am
Quoting TrickorTrade
Limit order buy triggered at 1760 which was the Nov low. Used low risk {image}
Long still running. already up 1:6 RR
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  • #1,989
  • Dec 16, 2021 1:59am Dec 16, 2021 1:59am
Regular bearish divergence shorted
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  • #1,990
  • Dec 16, 2021 1:59am Dec 16, 2021 1:59am
Quoting TrickorTrade
{quote} Long still running. already up 1:6 RR {image}
Long closed for 1:6RR
  • #1,991
  • Dec 16, 2021 2:47am Dec 16, 2021 2:47am
Quoting aeternum
{quote} Well yes, I was actually still looking for 1831 to be hit because no matter how you look at the chart, this level was totally ignored on the way down, which leads me to believe we will be retesting it. It provided decent resistance in the past but was totally ignored as a support level, makes me wonder.
Hi. Can you please explain what you mean by this: "...this level was totally ignored on the way down, which leads me to believe we will be retesting it."

In other words, why do you feel it has to be retested on the basis of not serving as support previously.

Thanks.
Observation is the path to discovery.
  • #1,992
  • Dec 16, 2021 2:55am Dec 16, 2021 2:55am
Quoting Alorente
{quote} Hi. Can you please explain what you mean by this: "...this level was totally ignored on the way down, which leads me to believe we will be retesting it." In other words, why do you feel it has to be retested on the basis of not serving as support previously. Thanks.
Well, in a way you can just say that, I'm stubborn and want to see price touch it again. I have no basis of saying so neither do I have a crystal ball. The only reason I would like to see price touch it again is because it has served as significant resistance in the past and there are probably some orders around it.

This would be similar to 1808 and 1798 levels where price has constantly tried and tested so many times. Likewise when we bounced from 1761, if you notice the drop from 1870, we eventually retested 1761 where buyers were waiting. And just yesterday we have the same exact push off those levels.

Nonetheless, 1790 still caps us, breaking above that would give us 1798-1808. If this seasonal bullishness is true, I would expect price to eventually hit 1831 for a big short to align with Fed tapering.
A 1 pip gain is better than a 1 pip loss.
  • #1,993
  • Dec 16, 2021 3:01am Dec 16, 2021 3:01am
Quoting waseeqali11
I can't believe 1762 is still holding strong. LOL. Where's this going to go now? Anxietys killing me
"Anxiety is a feeling of fear, dread, and uneasiness".

trading is NOT easy money business.
nobody on this planet know where, when and why price will go.
you have to defend your believes with money - before making a trade you have to ask yourself hardest question: HOW MUCH I'M WILLING TO LOSE?

make yourself a trading plan, calculate risk and stick to it.

good luck
Forex can only be understood backwards, but it must be traded forwards.
  • #1,994
  • Dec 16, 2021 3:33am Dec 16, 2021 3:33am
Quoting aeternum
{quote} Well, in a way you can just say that, I'm stubborn and want to see price touch it again. I have no basis of saying so neither do I have a crystal ball. The only reason I would like to see price touch it again is because it has served as significant resistance in the past and there are probably some orders around it. This would be similar to 1808 and 1798 levels where price has constantly tried and tested so many times. Likewise when we bounced from 1761, if you notice the drop from 1870, we eventually retested 1761 where buyers were waiting....
I agree with you on everything you say. There is another important reason why the 1830 level might/should be touched: it is the 61.8% Fib retracement of the entire move down from 1877 to 1753.
This, together with the strong December to February seasonality, adds to the probability that we may be going higher from here.
Observation is the path to discovery.
  • #1,995
  • Dec 16, 2021 3:45am Dec 16, 2021 3:45am
Quoting Alorente
{quote} I agree with you on everything you say. There is another important reason why the 1830 level might/should be touched: it is the 61.8% Fib retracement of the entire move down from 1877 to 1753. This, together with the strong December to February seasonality, adds to the probability that we may be going higher from here.
Amazing, I did not draw my fib until you mentioned it. Probably adds to my believe that we get there and fall hard and probably straight to 1727.
A 1 pip gain is better than a 1 pip loss.
  • #1,996
  • Dec 16, 2021 5:58am Dec 16, 2021 5:58am
Quoting aeternum
{quote} Amazing, I did not draw my fib until you mentioned it. Probably adds to my believe that we get there and fall hard and probably straight to 1727.
If the daily closes above 1790, I will start looking for buys into 1808 and SL to BE and then onwards to 1830. I expect price to fail at 1830 and give us a drop.

The best case scenario is that the climb up is slow and lasts until mid Feb, but if we shoot up quicker than expected, we may even see 1850.

I will probably look to start selling gold somewhere in Feb to March. For now, based on how price is moving, it seems like a break out upwards is likely to happen soon.
A 1 pip gain is better than a 1 pip loss.
  • #1,997
  • Dec 16, 2021 6:16am Dec 16, 2021 6:16am
Quoting AlfieSolomon
Regular bearish divergence shorted {image}
Closed for 20 pips
  • #1,998
  • Dec 16, 2021 6:44am Dec 16, 2021 6:44am
Quoting aeternum
{quote} If the daily closes above 1790, I will start looking for buys into 1808 and SL to BE and then onwards to 1830. I expect price to fail at 1830 and give us a drop. The best case scenario is that the climb up is slow and lasts until mid Feb, but if we shoot up quicker than expected, we may even see 1850. I will probably look to start selling gold somewhere in Feb to March. For now, based on how price is moving, it seems like a break out upwards is likely to happen soon.
My same strategy...

Fibs are amazing indeed.

Many times I use the 61.8% Fib in a different way in order to foresee what the bottom or top of the move may be. In this particular case, since I expected a bounce to 1830 and I already had the top of the move (1877), I proceeded to place the 61.8% Fib line on 1830 (the expected retrace) and this gave me the bottom of the move (1753) much before it actually happened and it was right on the money. You would be surprised at how often this system works.
Observation is the path to discovery.
  • #1,999
  • Dec 16, 2021 6:46am Dec 16, 2021 6:46am
Quoting Alorente
{quote} My same strategy... Fibs are amazing indeed. Many times I use the 61.8% Fib in a different way in order to foresee what the bottom or top of the move may be. In this particular case, since I expected a bounce to 1830 and I already had the top of the move (1877), I proceeded to place the 61.8% Fib line on 1830 (the expected retrace) and this gave me the bottom of the move (1753) much before it actually happened and it was right on the money. You would be surprised at how often this system works.
I did try this method out in the past but I don't like to predict or forecast things that much. Prefer to let price action guide me. It's definitely no gentle beast but I'm sure if you can tame it, it whispers to you sometimes.

Are you expecting price to reject 1830 and crash as I am expecting?
A 1 pip gain is better than a 1 pip loss.
  • #2,000
  • Dec 16, 2021 7:25am Dec 16, 2021 7:25am
Gold just had its first failed test at licking 1790. Time to see what it wants to do here.

I'm still having fun scalping longs.
A 1 pip gain is better than a 1 pip loss.
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