Gold chart updated.

Until price breaks above H2 kumo, i will not even look to buy. Every time the price retraces back to H2 kijun or tekan, i will look for a reversal candlestick to sell..


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Gold first reversal sign spotted.

If price is below your buy price already mean you lost. If it never recover, so are you going to say still no loss?
Very wrong & misleading concept.

Because I'm in a good mood, so let's learn something today.

What Does Hammer Mean?
A price pattern in candlestick charting that occurs when a security trades significantly lower than its opening, but rallies later in the day to close either above or close to its opening price. This pattern forms a hammer-shaped candlestick.

Read more: http://www.investopedia.com/terms/h/hammer.asp#ixzz1Z3i4qh73

Tips:
1. You will always see reversal candlesticks here and there. But the true reversal only happens at very important support & resistance.
2. How do we determine important support & resistance? Pls do your homework!

Attach is the recent Gold chart with a hammer. Look where the market went, after that.

Here is some question for you to ponder so that you learn about "hammer reversal candlestick".
1. On the H4 chart, did you manage to spot a hammer?
2. On the Daily chart, did you manage to spot a hammer?
3. On the Daily chart, does it give you a clearer picture where it is heading in the next few days? (im sure many people is going to give me the same wrong answer).

This post has been edited by Quinn: Sep 26 2011, 08:08 PM


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Good luck trading all. I'm leaving here.

Hello,

To conclude, these were the answers to the question posted.

1. The H4 was not really a hammer. It looked more like a harami to me. It is still a reversal candle. So market did retrace a little.
2&3. You cannot spot a reversal candle when the candle has not formed finish. Thus, we need to wait until tomorrow to make any forward decision. It looks like a spinning bottom but it may not in the next 6 hours. So remember that, to spot a reversal candle, you need to wait it finish forming its formation to truly show you the market sentiment.

Last but not least, I decided to leave because reading the forum has affected my trading decisions. Having to read many posted articles and etc didn't seem healthy to my trade management. It is true this is an open forum. Because it is an open forum, what you learn may not be true. Thus, take things you think it right and leave what you think is wrong. That goes to with whatever I am sharing as well.

I may just post over the weekends instead. Maybe..

What have i done? Saying to leave is better than disappearing, isn't it?

I raise my case.

Last week, i did mentioned this week is hard to trade.

Let's provide with solid concrete statements and analysis. The below analysis is what I made way even before the time it happened. Many of the forumers whom I have invited to participate in my Ichimoku group in facebook via special invitation can prove to you about what I am going to say as below is TRUE.

1. Gold made a big dip. Clear "TEMPORARY" retracement is expected upon seeing the reversal candles. I have shared how to see them here > http://forum.lowyat.net/index.php?act=ST&f...post&p=45593608

2. I have used a high probability fibonacci technique to then guage the yellow box on the H4 chart. Please refer to attached image & for those who are curious, you can go buy the book "High Probability Trading Strategies by Robert C. Miner". I have nothing to hide but more sharing.

3. Another picture attach to prove you that the yellow box was a real box is attached from the daily chart.

4. Market made a retracement to the H2 chart and i placed a sell order upon seeing a reversal candle just right at the kijun sen.

5. The last chart is the latest market price for Gold aka XAU.

Drawback on this trade is +/- 1000 pips.
Current profit is > 6500 pips @ 1 lot size.

Reliable or not? It is a tool that have helped me made good calls in my trades. It is up to others to believe now. I dont look at news. I only see charts because charts tells me everything, especially with Ichimoku.

Share with us now, how did you gauge the fall? Feeling?




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You say not to rely but u don't put any supporting statements. I'm also disappointed with you. You can have the whole show to yourself.

Hi, I'm looking at the other way round. USDx may make a fall instead and makes us able to buy gold at cheaper price in the next 2 weeks. You can try look at the ichimoku USDx weekly chart.

Also, do check out the DOW JONES weekly at the same time. The big bucks for gold is coming it seems, from the chart.

I was a little disappointed with Gold's movement just now. After long waiting, it didn't break out of the 1668 H2 kumo resistant. It formed a reversal candle at the top kumo in H4 and made a huge dip turning it into bearish momentum again. However, I still favor my point (D). If market comes below 1600, it will start hunting for bearish movement instead. Ultimately, it still needs to break 1532 for more bearish movement.


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Gold is currently consolidating between $1680/oz and $1580/oz. First we need to wait for chikou (green) to get into the kumo & break $1680 for confirmation of bullish movement. If market breaks $1580, it will lead to more bearish movement.

The good news is, if you look at the candlesticks during consolidation, there is more bull (white) candles than bear (black) and definately a lot of small dojis.

Thus, pls give the gold some time to pick its momentum. Like a car, it needs to get heat up first!

If chikou does break the resistance said, then my target will be $1727 before you see some correction before resuming its bullish movement (if the formation of waves looks good at that time.)

Happy trading!


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Hi, don't worry u can have the show back.

I don't know what attitude I'm showing but I do know u have a childish attitude. So pls go find other kids to play with.

Very nice signature. Keep it up!