Weekly bullish
stop grabber is still valid and it does not allow us just to take short
position. We need to wait either of its vanishing or it's completion.
But currently it is look like former variant is more probable.
On daily time frame we see deep retracement right inside grabber's body and major risk - existing of 0.618 AB-CD target right below the lows. That's why we should not be hurry with taking any long positions with grabber:
On daily time frame we see deep retracement right inside grabber's body and major risk - existing of 0.618 AB-CD target right below the lows. That's why we should not be hurry with taking any long positions with grabber:
Situation on hourly chart forces us to prepare a bit sophisticated
analysis. First of all, I do not want to take long position right now,
mostly due fast acceleration down to major 5/8 Fib support . In fact market was falling and just hit on current solid support - Fib +1.27
extension of AB=CD + WPS1. Acceleration right to 1.27 makes me think
that price should reach 1.618 still. The potential butterfly here just
confirms this. So, probably if reversal up is still possible, it should
start somewhere from 1267-1268 area. Simultaneously this area will be
our major indicator. If market will pass through it and stand in the
1261-1266 range, it will significantly increase chances on downward
contination. In this case I would take any long positions at all.
Hence, there are two possible ways to act. First is "pain or gain" - if
you want to try take position right at the lows. It carries more risk,
but gives perfect entry point. In this case attempt is to take poition
around 1267. Safer way (is my prefferable one) - wait when (an if)
market will turn to upward action and take positon on retracement. Since
we have weekly pattern and it is pretty a lot of room till 1370 target,
we will have a lot of time to take position and I do not see any reason
for rush, especially when probabilities of upward action are melting
each hour. Now, in fact, gold stands at the edge.
But definitely I do not take position right now, since previous plunge down has shown acceleration at the end.
But definitely I do not take position right now, since previous plunge down has shown acceleration at the end.
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1. Open your account HERE
2. Send me your MT4 trading account number and email address
3. Send me your Paypal or Moneybookers account number
If you do not have a Paypal or Moneybookers account,
please click on one of the links below to open your free account today.
Moneybookers
Paypal
You will be paid $10 per standard lot of Gold traded and
all payments will be made by the 25th of each month.
thelordoftruth@gmail.com
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In this section you will find quite a long article of what Forex is all about. If you are a beginner, this is a must read. It explains in detail what is required to start trading, what you should do and not, typical traps to avoid as a beginner and a lot of valuable information which you as a beginner must digest and learn prior opening any Forex account with real money.
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In this section you will find a gold mine of information about the technicalities of Forex. We will start from the very basics covering all the Forex jargon words which you will be hearing every day and we will be taking you up to the level required to finally learn to trade like a pro – technical analysis, also found in this section.
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YOU SHOULD NOT TAKE ANY MATERIAL posted on this BLOG AS RECOMMENDATIONS
TO BUY OR SELL GOLD OR ANY OTHER INVESTMENT VEHICLE LISTED.
TO BUY OR SELL GOLD OR ANY OTHER INVESTMENT VEHICLE LISTED.
Do your own due diligence.
No one knows tomorrow's price or circumstance.
I intend to portray my thoughts and ideas on the subject which may s be used as a tool for the reader.
I do not accept responsibility for being incorrect in my speculations on market trend.
I intend to portray my thoughts and ideas on the subject which may s be used as a tool for the reader.
I do not accept responsibility for being incorrect in my speculations on market trend.
King Regards
