PRICE ACTION OF XAU/USD (GOLD)
Hi Gold Traders,
It's Wibie_G here. I’m an independent trader XAU/USD (Gold). I start this humble thread to journal my technical commentaries on Price Action (PA) of the pair in D1 Timeframe. The PA discussed in this thread mainly refers to Price Level, Price Direction, Price Reversal, and Price Target.
My analysis method will be simple and objective enough. I expect any traders ought to easily understand it. To visually explain my points, I’ll upload print screens of my charts too.
The validity and the success rate of my method has been continuously tested and improved in these past 3 years. I have strong confident in it. As this is a journal thread—not a trading-system one, I won’t specifically discuss about the method. It’ll be discussed in my commentaries on market conditions as they happen.
What I will post here:
- My Commentary on PA near Support/Resistance (S/R) at D1 Timeframe.
- The S/R I look at are: Key Horizontal Levels and Key Trend Lines.
- The Key Horizontal Levels I look at are: Monthly Pivot Level, Weekly Pivot Level, Previous S/R Level.
- The Key Trend Lines I look at are: EMA 20 days (Short-term Trend), SMA 50 days (Mid-term Trend), SMA 200 days (Long-term Trend)
- My Expectations of Trend Reversals and Targets and their Factual Results.
- A typical Expectations looks like this: “If X1 happens, then X2 would likely to happen. If Z1 happens, then Z2 would likely to happen.”
- I will also post whether the Expectations eventually got realized or not (yet). Let’s learn together from them.
- I won't hesitate to retract my previous Expectations if I see a good reason to do so, in light of various reasons related to market or commentaries by others.
- If appropriate, I will also discuss in my commentaries Key Fundamental Factors and their potential implications to PA.
What I will not discuss here:
- Specific Levels of Open Position, Stop Loss, Take Profit.
- I won’t respond to query related to those levels either.
- The frequency of my posts will be intermittent. It'll depend on when a certain PA occurs as mentioned above.
- If you find this thread adding value to your trading, I suggest you to subscribe to it so you’ll be reminded via email when its latest post appears.
- Please fully comply with Forum’s Guidance on Posting Ethics as ruled here.
- I welcome and respect Different Opinions, but I can speak for everyone that we cherish Courteous Attitude even more; much more.
- We all know trading is hard, so let’s make this thread pleasant for everyone. Please avoid the use of condescending tones at all times.
- Please share your opinion in a way that’ll constructively complement to this thread’s contents.
- If you have a different method of market reading than mine, it is okay to share it in this thread once or twice. After that, however, please refrain yourself from forcing your way of thinking here. Let’s leave it at that. If you really wish others to gain insights from your views, opening your own thread on the same is the best way to do it.
This thread is for educational purposes only. My posts in this thread are not advices or suggestions for anyone to take trading positions in live accounts. I will not respond to queries regarding the same. Hence, I cannot be held accountable for your trading profits or losses if you use my commentaries as base for your trades.