Hello traders!
Some of you have asked me about my thoughts on Gold. Honestly, I don't have a clear directional bias at the moment.
Obviously, price is moving within a roughly $150 range, which is perfectly fine for trading on smaller timeframes like the 15-minute chart. A three-year-old could tell you that much.
One thing worth noticing is that price has been making lower highs on the 2D plane, with those highs forming a relatively horizontal structure. However, the downward movement seems to be slowing. If you examine the slope on the 3D space, you'll notice that it's becoming flatter over time.
Even though price is still trading within a range, we can also see a rounding bottom starting to form.
As much as I'd like to go long, I can't justify it yet because I don't know enough about the buyers down there. Apart from those taking profits, there are clearly people looking to enter long positions as well. That creates the possibility of a sharp vertical move down to sweep their stops before price moves higher.
Notice that I've drawn two median lines: a downward-sloping one in red and an upward-sloping one in blue.
If you know anything about median lines or pitchforks, you'll know that when a frequency breaks, there's a possibility of a move in the opposite direction.
After the red frequency broke, I drew the blue one. Shortly afterward, the blue frequency also broke. Price didn't really reach the blue median line; instead, it failed outside the pitchfork and closed beyond the outer median line.
But here's the interesting part: rather than continuing vertically downward, price started to stall shortly afterward.
That tells me there are buyers down there. My first thought is that there could be a large limit order absorbing the selling pressure, potentially helping the rounding bottom develop. But I'm not willing to bet on that yet. Without more evidence, it's still just a hypothesis.
Furthermore, I can see sellers gradually pushing price lower. If we're patient, we may eventually see those sellers get trapped or overwhelmed. That would give us a much better basis for considering a long position.
On the other hand, if price suddenly moves vertically upward and leaves me with no reasonable entry, especially if a lot of buyers start chasing the move, I'll consider the short opportunity instead. In that scenario, I'd look to move my stop to breakeven relatively quickly and see whether an opportunity to catch the short side develops.
For now, I'm staying patient. I don't need to predict what Gold will do next. I just need to wait until the market gives me something worth trading.
What do you see in Gold right now? Are you leaning bullish, bearish, or waiting for more evidence?
Wishing you all good health and happiness!
Some of you have asked me about my thoughts on Gold. Honestly, I don't have a clear directional bias at the moment.
Obviously, price is moving within a roughly $150 range, which is perfectly fine for trading on smaller timeframes like the 15-minute chart. A three-year-old could tell you that much.
One thing worth noticing is that price has been making lower highs on the 2D plane, with those highs forming a relatively horizontal structure. However, the downward movement seems to be slowing. If you examine the slope on the 3D space, you'll notice that it's becoming flatter over time.
Even though price is still trading within a range, we can also see a rounding bottom starting to form.
As much as I'd like to go long, I can't justify it yet because I don't know enough about the buyers down there. Apart from those taking profits, there are clearly people looking to enter long positions as well. That creates the possibility of a sharp vertical move down to sweep their stops before price moves higher.
Notice that I've drawn two median lines: a downward-sloping one in red and an upward-sloping one in blue.
If you know anything about median lines or pitchforks, you'll know that when a frequency breaks, there's a possibility of a move in the opposite direction.
After the red frequency broke, I drew the blue one. Shortly afterward, the blue frequency also broke. Price didn't really reach the blue median line; instead, it failed outside the pitchfork and closed beyond the outer median line.
But here's the interesting part: rather than continuing vertically downward, price started to stall shortly afterward.
That tells me there are buyers down there. My first thought is that there could be a large limit order absorbing the selling pressure, potentially helping the rounding bottom develop. But I'm not willing to bet on that yet. Without more evidence, it's still just a hypothesis.
Furthermore, I can see sellers gradually pushing price lower. If we're patient, we may eventually see those sellers get trapped or overwhelmed. That would give us a much better basis for considering a long position.
On the other hand, if price suddenly moves vertically upward and leaves me with no reasonable entry, especially if a lot of buyers start chasing the move, I'll consider the short opportunity instead. In that scenario, I'd look to move my stop to breakeven relatively quickly and see whether an opportunity to catch the short side develops.
For now, I'm staying patient. I don't need to predict what Gold will do next. I just need to wait until the market gives me something worth trading.
What do you see in Gold right now? Are you leaning bullish, bearish, or waiting for more evidence?
Wishing you all good health and happiness!
Feragatname
Bilgiler ve yayınlar, TradingView tarafından sağlanan veya onaylanan finansal, yatırım, alım satım veya diğer türden tavsiye veya öneriler anlamına gelmez ve teşkil etmez. Kullanım Koşulları bölümünde daha fazlasını okuyun.
Feragatname
Bilgiler ve yayınlar, TradingView tarafından sağlanan veya onaylanan finansal, yatırım, alım satım veya diğer türden tavsiye veya öneriler anlamına gelmez ve teşkil etmez. Kullanım Koşulları bölümünde daha fazlasını okuyun.