Dang, man....Gold is gonna cruise then, huh? I'm seeing 2284 and 2340 as far as pullback areas within the current channel....it could ride that channel for a long time, man. Let me/us know if you see something....What is TPO?
The issue (catalyst) for GC here is geopolitical. I have been warning about this for some time, although I was arguably 3 months early for the events in the Levant/West Asia (as I call it rather than Middle East out of respect to my Iranian friends and followers). But what is 3 months on a years long process?
Gold has been coiling for years so the price discovery is not out of line with the stored energy. I will assess pullback locations soon as I am looking to scale out of a (longer-term) position on a push and buy back in. The tricky part is more escalation in West Asia. It is clear Israel is in a trap (not Iran, unless you follow mainstream press), between a rock and a hard place. I won't go into geopolitical analysis here but it certainly factors in the longer time-frame in a very important way.
The market often tells you 'something' will happen, it is not just sure what or when...or even the direction for that matter. Although there are often hints. This was the case with gold and oil...
As for TPO, those are 'time price opportunities' or the A, B, C...M letter charts I share and use for structural analysis.
I will do a primer sometime later in an educational portion (perhaps a low cost donation/subscription version as this would take commitment on my part to put together study material), but easy enough to find resources online. One price for each point (price), and one letter for each 30 minute period.
When you mention IB you are referring to the first hour....completed?
Wicks really do tell a story...the more I read your missals and the more I watch on a smaller time frame, the more I see. I still am a better swing trader but I am slowly understanding the picture. I really, really wish I would have bought some gold futures when you mentioned that a few weeks ago. I think it was starting on a Sunday evening and I regret not buying then. You were spot on. Excellent job!
And yes, IB or initial balance the first 2 periods RTH, or 60 minutes. I also refer to opening range (OR) as the first period/30m. Some use this for the 30 second; I do, too, but I specifically state '30 second' in that case, I'm too old school...!
Wicks aka excess! Very important and clear on the TPO as well as footprint.
As for GC, there will be many more opportunities in other asset classes. And gold's time in not even *here* yet in my view. Depending on your timeframe, a pullback can offer a great opportunity. It is in full price discovery mode now
I will do a primer on consolidations in the next few months and trading breakout/down confirmations...
Dang, man....Gold is gonna cruise then, huh? I'm seeing 2284 and 2340 as far as pullback areas within the current channel....it could ride that channel for a long time, man. Let me/us know if you see something....What is TPO?
The issue (catalyst) for GC here is geopolitical. I have been warning about this for some time, although I was arguably 3 months early for the events in the Levant/West Asia (as I call it rather than Middle East out of respect to my Iranian friends and followers). But what is 3 months on a years long process?
Gold has been coiling for years so the price discovery is not out of line with the stored energy. I will assess pullback locations soon as I am looking to scale out of a (longer-term) position on a push and buy back in. The tricky part is more escalation in West Asia. It is clear Israel is in a trap (not Iran, unless you follow mainstream press), between a rock and a hard place. I won't go into geopolitical analysis here but it certainly factors in the longer time-frame in a very important way.
The market often tells you 'something' will happen, it is not just sure what or when...or even the direction for that matter. Although there are often hints. This was the case with gold and oil...
As for TPO, those are 'time price opportunities' or the A, B, C...M letter charts I share and use for structural analysis.
I will do a primer sometime later in an educational portion (perhaps a low cost donation/subscription version as this would take commitment on my part to put together study material), but easy enough to find resources online. One price for each point (price), and one letter for each 30 minute period.
This is the building block of market profile...!
When you mention IB you are referring to the first hour....completed?
Wicks really do tell a story...the more I read your missals and the more I watch on a smaller time frame, the more I see. I still am a better swing trader but I am slowly understanding the picture. I really, really wish I would have bought some gold futures when you mentioned that a few weeks ago. I think it was starting on a Sunday evening and I regret not buying then. You were spot on. Excellent job!
And yes, IB or initial balance the first 2 periods RTH, or 60 minutes. I also refer to opening range (OR) as the first period/30m. Some use this for the 30 second; I do, too, but I specifically state '30 second' in that case, I'm too old school...!
Wicks aka excess! Very important and clear on the TPO as well as footprint.
As for GC, there will be many more opportunities in other asset classes. And gold's time in not even *here* yet in my view. Depending on your timeframe, a pullback can offer a great opportunity. It is in full price discovery mode now
I will do a primer on consolidations in the next few months and trading breakout/down confirmations...
Yes...Thanks for this. Thanks for everything you write. It was nice to see these posts today.
Great to know you enjoy these!
Thanks for the write up
I'm happy to share! And greetings from Warsaw :)