Gold Analysis Update with Elliott Wave Count
Gold Analysis Update just for gekko 
Thanks for the nudge mate as you are absolutely correct and this is a strong resistance point.
From our last Gold Chart update on 7Jul……..
It went pretty much as suggested….pinged the line and popped back up through……again
, it is now down to the short term bulls to see if they can hold that line rather tha
n let it develop into a W4
Yep, the boys let it develop into that w4 and it found some support in the lower channel trend line we had already drawn in although, technically spreaking, it wasnt really a channel then but it is now.
So the key point here is that we have counted 5 waves down and even though it found support where we thought a lower channel trend line could fit, we are looking for a 3 wave retrace instead of a bullish run off that trend line. The fact that it topped out in that Grey circle we had already drawn in also adds weight to the long term bearish argument.
When we look at the zoom in on the gold chart we can see a clear 3 wave move which counts well as the abc for wave 2 that we were looking for. So far we have retraced a 70.7 fibonacci retracement of wave 1 and coincidentally, within the abc, wave ‘c’ currentlymeasures up at a 70.7 fibonacci ratio of ‘a’.
The fact that we have marginally entered back in to the topping price level of the Double top puts us on alert that all may not be well, so price needs to drop back down fairly quickly before it is ‘accepted’ back up here. All in all this is a pretty good spot for Traders Day Trading .com portfolio to get short term bearish again.
What we need to see now is a quick tag of 1213 to confirm the bears are still interested before price gets that acceptance and provides a springboard towards gekkos 1265.
PS – Sorry for the lower rate of updates since we were on holiday, please bear with me as I am very busy writing lots of new content for the website and we should have a useful trade planner spreadsheet ready to distibute with the next issue of our Ezine, so please make sure to subscribe to the Traders Day Trading mailing list to ensure you get your copy.
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Cheers kenny!
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Kenny that was a thought I had, a tab or page with the tradersdaytrading
Portfolio or trades displayed, is that what the spreadsheet u r referring to? Is?
Mmm thought I posted a thanks kenny message from my iphone…. must not have loaded properly so i’ll say it again
“thanks kenny”
Was going to suggest some sort of spreadsheet or portfolio tab with the tradersdaytrading portfolio displayed but it looks like ur on the case already
Cheers gekko. Sorry mate, but I was running short on time and probably didnt explain that properly, it is actaully a worksheet rather than a ‘spreadsheet’.
The ‘trade planner worksheet’ is a follow up on the conversation we had previously on money management. The worksheet has a money management calculator and trade planing template. A lot of problems stem from not having a proper trade plan and a proper money management strategy…….I think a lot of people are not always quite sure what a trade plan should contain or how to apply a money management strategy, It is something that confused me for a very long time, so this will lay out a framework to help get started.
The template lays out the thought process I go through when planning a trade and the calculator will help to calculate and apply the money management within the limitations entered in to it.
It still needs some fine tuning as I am trying to make it suitable for as wide a range of market as possible but I may be trying to get it to do too much. Anyhow, it is just about ready so you will see it soon.
I did consider the type of spreadsheet you suggest and I did in fact do a trial offline it to see if I could make it work and it did go very well but in the end I decided that I could not commit to the substantial time commitment it involved and would not always be able to post both ends of the trade live.
You already know me and my style, the stuff gets posted in real time or in advance or it does not get posted. I cant be doing with these posts that come out of nowhere telling folks, ‘oh by the way, I closed that trade earlier for £XXX, yeah right……. that helps a lot now, doesnt it?
I did also consider if I would do a longer term portfolio but I go spells where I hardly do any swing trade and mainly day trade, and this is a daytrading website so Im not sure if that would fit in.
As you know, I do post trades occasionally and may well start to do that more frequently as interest in the website continues to develop but will see how it goes, my focus is on writing more content and I have a lot in the pipeline to be getting on with.
this looks like its broken out and 1065 next???
would tradersdaytrading potfolio position on this?? as it was officially short 1230….
Sorry I mean 1265 of course!
Yep, “short term bearish” and we got our tag of 1213
The break back higher clearly negated the wave count as shown
Fwiw…..I am counting this price action as an extension of the Blue ‘c’ which should leave the top intact but because the larger trend remains inside the channel, we have to accept it could still be part of the larger move and that a new high is possible.
If the favoured ‘extension’ count is correct, it looks like it may well be complete………a bit tougher to call here than the last one.
Gold behaving quite bullishly , every dip keeps getting bought.
will give it another try at a short at the key fib at 1265….