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  • #5,181
  • Feb 16, 2023 8:15am Feb 16, 2023 8:15am
Gold touched the 38.2 Fib (1827) retracement of the rise from 1616 and turned around higher. We may go to 1878 which is the 38.2 Fib retracement of the drop from 1959, before going down again, maybe to the 50% Fib at 1789.
Observation is the path to discovery.
  • #5,182
  • Feb 16, 2023 8:18am Feb 16, 2023 8:18am
Quoting Alorente
Gold touched the 38.2 Fib (1827) retracement of the rise from 1616 and turned around higher. We may go to 1878 which is the 38.2 Fib retracement of the drop from 1959, before going down again, maybe to the 50% Fib at 1789.
Fibonacci ratios, as applied to Forex trading are a myth and a good way to lose all of your money

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don't believe in mumbo jumbo from gurus & charlatans, don't pay them money
  • #5,183
  • Feb 16, 2023 9:49am Feb 16, 2023 9:49am
Quoting ForexGoose
{quote} Fibonacci ratios, as applied to Forex trading are a myth and a good way to lose all of your money https://www.youtube.com/watch?v=1Jj-sJ78O6M
I concur, even though I've never been keen on Fib'ing. So now we've touched 1927 (well almost, 1827.58, to be precise, BabaYaga), perhaps we are getting oversold and it is time for a bounce or correction...
"Who Dares Wins"
  • #5,184
  • Feb 16, 2023 10:51am Feb 16, 2023 10:51am
Sell 1842.50. Time to go down. Target opened
  • #5,185
  • Feb 16, 2023 2:05pm Feb 16, 2023 2:05pm
As anticipated. Gold was in consolidation creating a liq base. Very common for price to test the s or r level then create a false break to true untapped liq. That was on the 4H where we have that little 30 pip box from bottom of wick to other bottom of wick. This was the freshest untapped liq pocket for gold to tap faking out buyers turn sellers only to go its true direction.
This is taught on protradersclub. Fake break to go true direction.
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"Anger clouds the mind. Turned inward, it is an unconquerable enemy."
  • #5,186
  • Feb 16, 2023 7:08pm Feb 16, 2023 7:08pm
Quoting jordiHK
Sell 1842.50. Time to go down. Target opened
Closed at 1831,60
  • #5,187
  • Feb 16, 2023 7:29pm Feb 16, 2023 7:29pm
Good day Everyone,

Here is my analysis for GOLD

On the Monthly, Weekly & Daily, price is bearish so I'm expecting a buy pull back to mitigate a supply M30 as shown in the picture below:
Attached Image (click to enlarge)
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Expecting Sells from 1855 down to clear PDL (Previous Day Low) & continue bearish in line with MN, WK & Daily bias! DYOA
got shot by the Fx Sn1p3r
  • #5,188
  • Feb 17, 2023 12:10am Feb 17, 2023 12:10am
Bought at 1827,30. SL 1823.30 (really tight) - TP 1842. It is going down, but just do some scalp before coming to south.
If I don't like the price movement before or after Europe Opens, I will close it earlier.
If it moves up soon, I will move the SL to BE once price reaches 1830.
  • #5,189
  • Feb 17, 2023 12:33am Feb 17, 2023 12:33am
Quoting jordiHK
Bought at 1827,30. SL 1823.30 (really tight) - TP 1842. It is going down, but just do some scalp before coming to south. If I don't like the price movement before or after Europe Opens, I will close it earlier. If it moves up soon, I will move the SL to BE once price reaches 1830.
SL. 1827,30 --> 1823,30. Just hunted .... SL too tight. Now wait for Europe and see.
  • #5,190
  • Feb 17, 2023 12:55am Feb 17, 2023 12:55am
Quoting Marekus
technically it looks like it will correct below 1800. but intermediate support is at 1830 zone.
looks like 1830 is broken. so it goes to 1790.
  • #5,191
  • Feb 17, 2023 1:09am Feb 17, 2023 1:09am
Quoting Marekus
{quote} looks like 1830 is broken. so it goes to 1790.
Why 1790 or any other price ??!?!
I think that since the inflation is decreasing, it is very hard to set a limit.
In this time USD seams a strong currency
It is not about what you think, but what you see and your actions after!
  • #5,192
  • Feb 17, 2023 3:27am Feb 17, 2023 3:27am
Quoting CSCristian
{quote} Why 1790 or any other price ??!?! I think that since the inflation is decreasing, it is very hard to set a limit. In this time USD seams a strong currency
Agree with USD strength. But next levels are these... this is why 1790 is on the table.
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  • #5,193
  • Feb 17, 2023 4:24am Feb 17, 2023 4:24am
Quoting jordiHK
{quote} Agree with USD strength. But next levels are these... this is why 1790 is on the table. {image}
Also expecting some support at 1810-1800 where I will take profit but agree with you
  • #5,194
  • Feb 17, 2023 5:02am Feb 17, 2023 5:02am
If only we could see that coming

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MAY THE TREND BE WITH YOU
  • #5,195
  • Feb 17, 2023 5:11am Feb 17, 2023 5:11am
Big move (trend) is coming... well "cooked". Too much oil on the pan.
  • #5,196
  • Feb 17, 2023 6:13am Feb 17, 2023 6:13am
#SILVER / H1
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  • #5,197
  • Feb 17, 2023 6:23am Feb 17, 2023 6:23am
#GOLD / H1
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  • #5,198
  • Feb 17, 2023 7:01am Feb 17, 2023 7:01am
Can we go all the way ?
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  • #5,199
  • Feb 17, 2023 7:27am Feb 17, 2023 7:27am
Quoting janusforex
Can we go all the way ? {image}
We could well, Janus, as Selling pressure is apparently increasing too. Glad to see someone else here is also from ZA. Lekker!
"Who Dares Wins"
  • #5,200
  • Feb 17, 2023 8:17am Feb 17, 2023 8:17am
Now we wait for New York session to push Gold back down again, hopefully it will, especially after the massive wick & rejection of 1830 recently.
"Who Dares Wins"
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