Gold gold gold, you are so perfect - IF ONLY we pay attention!
STALKING XAU/USD has given me an edge, to actually watch these patterns and setups form and COMPLETE (thats important, chart time- chart time- chart time)
who would've thought that drawing ONLY obvious lines on a chart would make a picture so much clearer?!... where was this brilliance 4 years ago lol -_-
My process:
-- drew my OBVIOUS zones in green - (obvious zones as in an area that price made THE MOST drastic turn in the opposite direction on the higher timeframe)
-- drew my obvious retracement areas in fuchsia - (obvious retracements as in , an area price revisits THE MOST on the higher timeframe)
-- drew my favorite chart patters (ascending triangle, descending channel, bull flag - on the higher timeframe)
-- drew my trendlines (on the higher timeframe)
Based off me doing these steps I was able to see that:
-- PRICE HAS BROKEN OUT OF MONTHLY SYMMETRICAL TRIANGLE (this gave us the trend direction...CONTINUATION UP)
-- PRICE IS FORMING AN ASCENDING TRIANGLE ON THE 2HOUR TIMEFRAME AND PRICE SHOULD BREAK OUT ONE OF THESE DAYS (even though I took the trade from the trend line bounce ; P)
-- PRICE IS MAKING HIGHER HIGHS / HIGHER LOWS (this confirms the uptrend)
-- PRICE PULLED BACK TOWARDS THE 20 /50 EMA (I don't trade when price is far away from the EMA/s)
-
-
Price ended up breaking out of the ascending triangle, but I'm waiting for the 4hour candle to CLOSE
-- IF price closes above my RED ZONE I will buy on the pull back towards the zone + 20/50 EMA on the 15 min chart!
*
*
-- IF price closes below the RED ZONE I WONT TRADE it until price shows me that its ready to be BOUGHT again! ( I LIKE TO BUY ONLY)
My trade plan for market open. My over all forecast is to see XAU/USD head to the next super key level at 1780.00 - WE SHALL SEE : )
Thanks for reading
** I am no teacher, just someone that fell involve with the markets the moment I saw my first chart. I've been dedicated to find a simpler way. I am here to share my thought process, winning trades and losers. I hope you have a great trading week!**
-Lee
THE TREND IS YOUR MF FRIEND"
STALKING XAU/USD has given me an edge, to actually watch these patterns and setups form and COMPLETE (thats important, chart time- chart time- chart time)
who would've thought that drawing ONLY obvious lines on a chart would make a picture so much clearer?!... where was this brilliance 4 years ago lol -_-
My process:
-- drew my OBVIOUS zones in green - (obvious zones as in an area that price made THE MOST drastic turn in the opposite direction on the higher timeframe)
-- drew my obvious retracement areas in fuchsia - (obvious retracements as in , an area price revisits THE MOST on the higher timeframe)
-- drew my favorite chart patters (ascending triangle, descending channel, bull flag - on the higher timeframe)
-- drew my trendlines (on the higher timeframe)
Based off me doing these steps I was able to see that:
-- PRICE HAS BROKEN OUT OF MONTHLY SYMMETRICAL TRIANGLE (this gave us the trend direction...CONTINUATION UP)
-- PRICE IS FORMING AN ASCENDING TRIANGLE ON THE 2HOUR TIMEFRAME AND PRICE SHOULD BREAK OUT ONE OF THESE DAYS (even though I took the trade from the trend line bounce ; P)
-- PRICE IS MAKING HIGHER HIGHS / HIGHER LOWS (this confirms the uptrend)
-- PRICE PULLED BACK TOWARDS THE 20 /50 EMA (I don't trade when price is far away from the EMA/s)
-
-
Price ended up breaking out of the ascending triangle, but I'm waiting for the 4hour candle to CLOSE
-- IF price closes above my RED ZONE I will buy on the pull back towards the zone + 20/50 EMA on the 15 min chart!
*
*
-- IF price closes below the RED ZONE I WONT TRADE it until price shows me that its ready to be BOUGHT again! ( I LIKE TO BUY ONLY)
My trade plan for market open. My over all forecast is to see XAU/USD head to the next super key level at 1780.00 - WE SHALL SEE : )
Thanks for reading
** I am no teacher, just someone that fell involve with the markets the moment I saw my first chart. I've been dedicated to find a simpler way. I am here to share my thought process, winning trades and losers. I hope you have a great trading week!**
-Lee
THE TREND IS YOUR MF FRIEND"