First I drew a 1d-chart with the eToro-chart tool. The position where I opened the trade is marked with a horizontal and a vertical line. Back then the level around $1.166 appeared like support, so I thought that's the time to buy gold. Now it really bounced off a support level at $1.126, shooting my trade into green. Here are the signals I can find in the chart:
- Seven out of the last 8 candles are green -> bullish
- The last candle in the chart is long and green -> bullish
- Opening price in the last two days was higher than the closing rate of the day before -> bullish
- MACD is increasing -> bullish
- Stochastics: %K-line moves above 80; both lines are still increasing -> bullish
- Fibonacci (drawn for the downtrend that started on November 4th 2016): Gold moves towards the 38.2% line at $1.194 -> still bullish
In the chart above I couldn't find a confirmation for the Fibonacci levels, like a former support or resistance. Therefore I drew a second chart, looking at a longer period of time. I added another Fibonacci pattern from July 6th to December 17th. The 38,2% line of this pattern matches approximately the 50% line of the pattern from the first chart. Therefore I would expect a resistance level at approx. $1.215.
So what will I do with the trade? Due to the many bullish signals from the charts above, I believe gold will go further up, at least to $1.194. Therefore I will keep the trade open, the stop loss wide and look out for the next Fibonacci level.
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Related posts:
portfolio review 01.01.2017
portfolio chart analysis 22.12.2016
portfolio review 12.11.2016
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Important remark: The results presented above and throughout my blog are no recommendation for your trading! I only share my personal findings and opinions to give ideas and let my followers and copiers know what I am currently working on. I can not guarantee the correctness of my calculations and my presented results. Furthermore past performance is not an indication for future results. Only trade with money you are prepared to lose!
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