Gold – Long on a classic uptrend line
2 Rules for Trendline:
1. Identify the significant lows. At least three points
2. Find the best fit among the significant lows
We can apply the 2 points to a down trendline analysis as well. Looking-out for the significant highs instead.
Gold started its rally after year 2000. We could see it started forming its primary trendline since 2006.
Primary trendline is the key support of any market. When analyzing from a larger timeframe like a weekly chart, it should be considered as an investing position into the long-term.
Secondary trendline on a weekly chart, I will deploy for add-on with stop loss in mind.
Disclaimer:
• What presented here is not a recommendation, please consult your licensed broker.
• Our mission is to create lateral thinking skills for every investor and trader, knowing when to take a calculated risk with market uncertainty and a bolder risk when opportunity arises.
1. Identify the significant lows. At least three points
2. Find the best fit among the significant lows
We can apply the 2 points to a down trendline analysis as well. Looking-out for the significant highs instead.
Gold started its rally after year 2000. We could see it started forming its primary trendline since 2006.
Primary trendline is the key support of any market. When analyzing from a larger timeframe like a weekly chart, it should be considered as an investing position into the long-term.
Secondary trendline on a weekly chart, I will deploy for add-on with stop loss in mind.
Disclaimer:
• What presented here is not a recommendation, please consult your licensed broker.
• Our mission is to create lateral thinking skills for every investor and trader, knowing when to take a calculated risk with market uncertainty and a bolder risk when opportunity arises.
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