Gold and Silver test resistance levels.

 Gold and Silver charts are very similar. Both are trying to break out of the sideways triangle and are testing my last resistance level. If Gold can hold above 1670$ and Silver above 32$ the new upward trend will be confirmed. 

It is important that support has been held and prices look like they are moving in an impulsive form. Silver has been slower in its rise but I think will pick up eventually. My first choice as mentioned several times before is Gold. Targets for gold are near the all time high at least, if not higher. Always keep an eye on USD as weakness will help prices rise. Dollar strength might put pressure in these metals. So keep an eye out for volatility there too. 

For more info and help on how to trade gold, don't hesitate to contact me. Thank you for taking the time to read my thoughts.

TRADING2DAY is PROFITABLE RISK TAKING

Good day to all,

I would like to take the opportunity to introduce you to our new name 'Trading2day'. This is not just a name change but the start of bigger changes in the blog itself and what I can offer to followers. I plan to create a new website. If all goes according to plan, in a couple of months a new fully functional and independent site (www.trading2day.com) will be the continuation of this blog. Members will have special privileges and intraday analysis to help them with day to day trading. More information will be available while we get close to the date that the new site will be functional. Thank you all for your support and I hope you are satisfied with my analysis.

Regards

Alexandros

Has GBPUSD finished its upward move?

One of my blog followers wanted my view on GBPUSD. So I will share with you today just a few words for this pair.

From the elliott wave perspective, the pair is close or at the end of its upward correction. It has reached the 61,8% retracement after the impulsive move from 1,63 to 1,52 area. The upward correction is clearly in 3 waves and does not look impulsive. This move could already be over. A trend change downwards is expected soon. A move above 1,61 would diminish chances for the bearish scenario. Short term trend is upward but with a lot of possibility to end if not already ended. Things to watch: Top is imminent. Five lower degree waves down could be the first sign of trend change. 

Thank you for taking the time to read my thoughts. If you need further assistance with trading or just want to comment please don't hesitate to contact me.

GOLD at the start of a new upward move?

Gold is finally starting to show some energy and I believe we are at the start of a new upward move. Double top at 1630$ has been broken. The downward trend channel has also been broken. I believe the large triangle has been completed and a new upward wave begins. As mentioned many times before at previous posts, bulls should use 1525$ as the ultimate stop for their positions. More cautious traders were expecting for the prices to break upwards. Resistance lies now at 1660$. This level represents the connection between the all time highs and wave D. If this level is also broken, then gold will surely test 1750$-1800$. Concluding our view is bullish. Support at 1610$ and 1580$ should hold. Prices should unfold upwards soon. If prices stall and do not unfold in an impulsive way, then bulls should be very strict with their stop levels and risk management as another last dive towards 1550$ could make a final pull back test. I favor though the continuation of the rise above 1650$ and not the correction towards 1550$.

Thank you for taking the time to read my thoughts.

EURUSD target achieved. Downtrend resumes?

Updating the prices in an older chart for EURUSD, we see that our target has been achieved as expected in our previous blog post (http://profitablerisktaking.blogspot.gr/2012/08/upward-correction-not-over-in-eurusd.html).

Now that EURUSD has found resistance in the upper pitchfork downward sloping line, the market has finished a 3 wave correction. Trend will most probably resume downwards with targets below 1,20. For this scenario to hold, we need to see support levels break. First support at 1,2133 and the middle pitchfork support a bit lower. Next support is at July low at 1,2040. The expected decline should have an impulsive pattern in order for this bearish scenario to come true. For bulls to have a chance, EURUSD must not break 1,2133 although it can retrace the last upward move towards 1,2250 (61,8%). If the decline looks corrective then bulls should be ready to reenter in order to prepare for a new upward move. I favor the bearish scenario as it is more possible in my opinion. Stop loss at 1,2450 for any short position opened is my strategy now.

Thank you for taking the time to read my post.