Ok, do you always stick to the higher time frames or do you also trade intraday? PB = Pullback (sorry should have clarified)
No, I only for the most part trade intraday. But I still try to follow the big picture daily and higher impulsive trend or correction scenarios.
Tuesday Daily 4hr 30min What I'm looking for: 1. A break of the Counter-Trendline (CTL) on the 30min and then a retest of current support around 2812-2814 2. If that level fails to hold I'll be watching 2790-2800 for a reversal and long entry. Other notes: - on the 4hr chart the last bull bar looked exceptionally strong relative to the previous trend over the past few weeks. This has made me a little wary, as I often see an old trend suddenly show extreme strength (can be climactic on lower time frames) right before it turns around (or at least goes into a range). - With this in mind I will be protective of any open profits at the first sign of weakness
Wednesday Daily 4hr 1hr 30min What I'm looking for: 1. a retest between 2825-2830 and reversal pattern into a confluence of potential support 2. As the trend appears to be accelerating, there may be a potential climactic move up to overshoot the top of the channel sometime over the next few days
Although Gold is really more of a financial instrument than commodity, in EW counts wave 5 in commodities is often an extended wave - which seems to be what is taking place currently. So I'm in wait and see mode till it ends and correction begins in earnest.
Ok that's interesting, we are both seeing some commonalities in the mkt from different perspectives. I'm going to try and get on board before the climax (if it comes) and ride it up while the trend is still intact. When using EW do you find you get better trades by trading the corrective waves(B to C) instead of the main directional moves (1,3,5)?
Thursday Daily 1hr 15min What I'm looking for: 1. a long entry between 2858 -2865 2. If the trend keep moving up without a retest I will enter a bit higher considering the strength of the trend these past few days
Either or, but prefer trends. Still waiting on confirmation correction is underway. Potential time target window for completion of correction (getting ahead of myself I know) is Feb 20-26th so unless correction starts soon this time window obviously will have to be recalculated.
Friday 4hr 30min What I'm seeing: This could be simply another pullback in the trend that has been active all week but I feel like the one way momentum is waning What I'm looking for: 1. A clean break above counter-trend line, will look to get in on the next setup 2.If price breaks below the minor Bull TL from last night i will look for a reversal pattern and long entry between 2830-2840 3. In any other scenario I'll wait for more price action before deciding
Oooh getting very specific, I like it! A shock number from NFP tonight could be the catalyst that truly breaks the current trend and then inflation next week could add some fuel to the fire. I guess we will wait a see