Gold Buy Op's

Discussion in 'Journals' started by Lee-Bax, May 1, 2020.

  1. Lee-Bax

    Lee-Bax

    Friday today everyone, day to unwind and reflect. Ive had a good week trading, so i wont be trading today. But ill still be looking for future opportunities. Gold is giving us the pullback currently. Last time i looked i was selling the divergence. We got a drop but then we got an instant bullish movement again. We created a double top M formation, which was still divergence from the RSI . So this was an easy sell again. i hope you all caught this move, i caught some and ive taken profits already as i was scalping this time. But ill be looking for longs in the circled level areas. ideally the blue circle i would like most, but it depends on how strong the Gold Bull is and how far we move down. Be ready GLIYF and RM as always. have a good weekend


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  2. Why do you use rsi versus macd or other insicators for divergence ?
     
  3. Lee-Bax

    Lee-Bax

    Why not? Just always used RSI and never any of the others so im used to it
     
  4. well rsi is good but in a powerful trend it can stay diverged and oversold/overbought for long time crushing your position

    meanwhile macd will reverse to follow the trend
    Divergences might stay
     
    Lee-Bax likes this.
  5. Lee-Bax

    Lee-Bax

    Its been a long time since ive looked at gold . It still looks to be very bullish obviously. I dont think we will see below 1700 for a long time. The world is in trouble with fiat money and Gold is the biggest physical insurance policy there is. i can see it being pushed up even further. so the best thing for us is to buy the big pullbacks. Will price pullback from here? Or will we see it make a new higher high and then pullback? If it came back down to 1700 then that would be the perfect time to buy in on this asset. Defo one to look out for. Markets back open tomorrow hope everyone has a good week


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  6. Lee-Bax

    Lee-Bax

    GOLD- Been a while since weve had a trade on gold . There hasnt been many places to get in on the buy that i would of liked. The bull is very strong in gold with the ongoing pandemic, what i would need to take a trade is a nice sizable pullback in price. We could do with some profit taking on current longs before another bull push, as many predictors suggest $2k in 2021. Wether that will come who knows, but my idea to buy would be a similar price action as seen before. A pull back in price to the .382 Fib level and to meet the moving averages as seen previous. This would be an ideal buying opportunity for us. Doesnt help USD being so weak of late but lets see what can come of it. New week begins have a good one everyone. GLIYF


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  7. maxinger

    maxinger

    gold has been going up since May 2020.
    and that's where you post your posting #1.


    It has broken quite a few resistance level 1370, 1550 (neck line), and is on the way to the peak of 1925.

    personally I don't like day trading gold futures.
    its movement has been rather untrendy and undecisive.
    day range is not that great ( about 20 points).
    It used to be around 30 points or more.
    well. Things might change later.
     
    Last edited: Jul 20, 2020
    Lee-Bax likes this.
  8. Lee-Bax

    Lee-Bax

    GOLD , has defied logic, but been magnificent. Weve hitall time highs in over $2K per ounce of the gold stuff. The bull looks strong and with all the trouble in the world whats going to stop it? Not much in my opinion, i think it will keep going as its a physical entity against all the new crypto coming into money and fiat money becoming more and more manipulated and worthless. Question is when can we get in on the buy? im looking for the same type of price action as last time, ideally i would like a deep retrace here to the .618 fib level and gain some support from the moving averages. Thats when ill load up longs. You could potentially buy now but go in with even smaller positions than usual incase we do get the deeper retrace, big reward on offer the cheaper you can get in on price. Buy gold as cheap as possible is my opinion. GLIYF Screenshot_3.png
     
  9. Lee-Bax

    Lee-Bax

    Fridays chart today is gold . I think you would be a brave man to sell gold in this current bull trend we are in. So we look for opportunities to buy in on the trend. Thats what i see at the moment with the moving averages. As you can see price has held very well on the 0.382 fib level and its been ranging between that and the 0.236 level. If price holds here then the moving averages catch up in time then i will be looking for similar price action to whats marked out and give it that catapult to go onto another bull push. Im targeting previous high for a moderate R:R of 1:2. If it comes together we can always hold for more if it plays out that way. Hope everyones had a good week and enjoy your weekend GLIYF Screenshot_2.png
     
  10. Lee-Bax

    Lee-Bax

    Update on the GOLD stuff today. Bought in on the fib level 0.382 after the rejection off the moving averages. Currently we are in profits so i have locked this one to risk free with SL at entry. I believe we will see a breakout above very soon. The averages are showing us the way we are heading, they have all caught up with time now ready for the next push. E ven though we have the previous high as TP i would keep holding if we get there as its possible we could make a new high. GLIYF Screenshot_1.png