Wednesday, November 19, 2014

My Gold Trading Strategy as at November 19, 2014

The Gold Trading Strategy has to be Long, at least at this time.

The price is moving higher rapidly.

I have attached two Ichimoku charts, a 5 minute chart and a 15 minute chart.

First the 5 minute chart:

You will see that price has jumped up through the cloud and is moving higher.

Next, have a look at the 15 minute chart.

You will see that price is approaching resistance at the cloud and the question will be whether or not the upward move is strong enough to push through the cloud. Only time will tell

Of course, on the higher time frames is a lot more resistance, We will know as the hours pass as to what will happen.

The Ichimoku Cloud is sometimes very powerful support or resistance, it is handy to have a look at it before making any moves to get an idea as to what may befall any move in the price.

While the Ichimoku chart may not be favored by many traders, it is certainly a significant part of my trading strategy at this time.

Good Trading..!

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