I know Fridays are a no trade day but I was just looking through the charts and spotted this potential trade on Gold.
Gold has been on a strong down trend but looks like potential accumulation over past 3 or 4 days followed by mark up today but not sure as I couldn’t spot any Climatic stopping volume in past few weeks. Maybe someone could help clear this up for me?
Price was finding resistance and being squeezed down by the upper trend but was also finding support with confluence at the 61.8 fib and the round number of 1150.00
There was a spring which formed at 1pm GMT today on the hourly chart followed by a strong bullish reaction. The volume was the highest for several weeks at that moment in time.
Looking at the 5min we see a nice sign of strength on the 5min at 1.30pm GMT with a down bar on extremely high volume followed by a bullish reaction at 1.35pm GMT. There was a lovely NS at 2.55pm GMT with entry on the break on the very next candle.
Good trade, Peekinside. Just to be clear, I don’t have a rule that Friday is a no trade day. I took E/J long friday early NY session. First time hit BE on news, second try hit target. I rarely trade Friday, but not never. Like I say, Friday can have extreme news reactions…non farm in particular. Also there is more profit taking on Friday than other days which can give SOS/SOW that may not play out. In this very clean market, I say go for it.
Probably so he can see you can see set ups before they materialise and not when its obvious and too late maybe. Not saying by any means you do that as I respect your work but perhaps that’s what he /she thinks.
its hard to know that with the volume setup right there … i think we need to wait for know if its a reaccumulation … but if you consider the resistance break turn probably into support at 180.700 i think its reaccumulation … so maybe buy near 180.700 if we see nice setup with volume :)! because the buyer want to take power soo we need to touch 180.700 !
Is’nt it funny that when we hear someone’s voice without seeing their face in our mind we imagine what they look like. I haven’t seen Pete on Skype or any where but imagine him to look like Jeff Goldblum, the bloke on the films, this is probably a load of rubbish and he doesn’t look anything like that at all but he does in my mind.
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