rickrayfx

rickrayfx

Trendline strategy to short gold on break of downward trendline with SL above upward trendline. TP at first support level.

rickrayfx

Trendline strategy is simple and easy to undertand. Trendlines are support and resistance. An upward break of a trendline indicates bullish momentum. A downward break of a trendline indicates bearish momentum. Let the active candle close before placing the trade.

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With RSI overbought, we can expect a retracement to our support levels between 2950 and 2965 to place a buy order.

rickrayfx Updated 

Gold is bullish on D1 and H4 chart. Take long trade but wait for pullback to 1938 or 1922

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This chart shows the current support and resistance levels for gold today. Although gold is bullish at the moment, we don't know how high it will go. Caution is advised. Non-farm payrolls is this week.

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We may have reached a high for gold for the time being at 1985. Be cautious with going long at these high prices.

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After 4-5 months of a bullish trend, gbpnzd may finally be turning bearish. Sto is over sold on H4 so wait for pull back to enter sell trade.

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After reaching a previous high from 3 years ago, the gbpnzd shows signs of a bearish run starting to form. Look for a short entry on lower time frames.

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Gold is still bearish on D1 chart. Sell now with small lot size, SL @1970 and TP @1935.

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GBPNZD appears to be heading for strong monthly resistance level. Wait for pull back to lower moving average with buy limit for better price.

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Gold is bullish on D1 and bearish on H4. So, pending buy limit is placed with a tight stop loss.

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Gold closed just above 2014 and if it can continue, then we can target 2070. There is so much news coming this week, patience is the key. Don't chase the candles, let the market come to you. If we break below 1972, then the bearish trend will continue.

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Gold has not been able to close above 2000, although it keeps trying. My sell limit from Sunday at 1995 is now in profit. New sell limit 1993-1998 zone.

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Maybe a bit early to be calling a triple top on the monthly chart. However, with May typically being a risk off month, we could begin to see further decline with gold. It's certainly not prudent to be buying at these high prices. Be cautious and watch for the bears to take control.

rickrayfx Updated 

After some sputtering from bearish to neutral to bearish, we now have a bullish signal on XAUUSD for the first time since 02 February. Some retracement can be expected to perhaps the 1845 area before more upward movement.

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On Friday gold closed above the 20 day MA and hit resistance at 1856. Previous trend line has also been broken. My analysis shows gold as neutral so we might have a first time bullish signal on Tuesday 07 March.

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GBPNZD is now bearish on the H4 Trend Rider chart. After a minor correction, the sell limit should execute.

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On the H4 Trend Rider strategy, we see EURUSD turning bullish. Small lot recommended until confirmation of trend. Can add to winning trade "as and when" it moves up.