Hi Traders! Gold buy idea update and follow up is here. On March 10th I shared this “Gold Buy Idea At The Bottom Of The Daily Channel” post in Trading View. In this post, let’s do a recap of this setup and see how it has developed now. If you would like to learn more about the way we trade and the technical analysis we use then check out the Traders Academy Club. Spoiler alert – free memberships are available!
My Idea
Gold H4(4 Hours) Chart Current Scenario
In my forecast, I mentioned that “until the key support zone holds I expect the price to continue higher further after pullbacks”. On the H4 chart, the price action followed my analysis exactly as I expected it to. The pullback that I was looking for happened and also we had a bullish hidden divergence that had formed between the first low that has formed at 1676.72 and the second low that has formed at 1699.13 based on the MACD indicator which we may consider as a fact provided by the market supporting the bullish view. The price then moved higher further providing an excellent move to the upside.
You can see the bullish hidden divergence clearly in the image below.
On the M15 chart, the market provided us with various facts supporting the bullish view. The H4 chart pullback happened in the form of double wave down on the M15 chart with the price creating a bullish divergence between the first low that has formed at 1719.15 and the second low that has formed at 1699.13 based on the histogram of the MACD indicator. The price then moved higher and broke above the most recent downtrend line, we may consider these as facts provided by the market supporting the bullish view. Then as you can see in the image below how the price moved higher after that.
(Note: You can learn about a Killer Forex Strategy “Double Trend Line Principle” here)
So, traders, this is why I wanted to show this example to help you understand how important it is to follow the facts. The facts were supporting the bullish view here and there were no signs against it. When the facts do happen as we expected you can see how the price perfectly moved as per the plan. Because these are the kind of hints the market provides us at majority of the times and it’s our obligation as traders to be able to listen to these things that the market tells us and we should try to make the right actions.
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To your success,
Vladimir Ribakov
Certified Financial Technician
