Trading Gold Futures Price Action l Fibonacci retracement and price action levels

Its been target oriented week for usd/cad and Aud/cad pairs and Now the focus from there shift after the news section settles down and we can see new cash flow in the Currency market as talk shift to Fed's september rate hike after upbeat Non Farm Payroll last Friday. I have prepared a report on Euro dollar, pound dollar and commodities.

Fibonacci Retracement levels for gold futures

Weekly chart of the Gold Futures refers to unfold correction and retracement levels towards 38.2% and If we see an rejection from here then probably we will witness a impulsive rally towards 1295 levels and from there we will see how price unfolds and If this assumption is right and we see a break below 1295 level and this will confirm the top and our next target would be 1250 and 1198 level in coming weeks. But we will have to be patient and wait for the price action to show some sign of top.

Read Gold futures price Chart and understand every move

Gold futures has some strong history and open interest at historic level where price had fakeout the bull rally and strong rally after clearing supply with every move was a clear signal of new buyers found there at level and that is what I try to mention in the chart and Video below will really help you understand the "law of open Interest" at historic price action level and Now we need further price action to see if Price has reached the motive or target smart money was looking for and I would post an update If we see another level of interest or trading opportunity.

Trade Updates post RBA statement l Trading True trends in Forex

First of all Look at the update I posted prior to RBA statement on 5th July 2016.

Australian dollar bullish sentiment RBA Cash Rate Statement

Just hours before the release I update the blog with two pairs looking strongly bullih and those were Aud/cad, and Aud/chf and they were trading at 0.9626 and 0.7238 relatively. I took the decision to go long because relative decision were made prior to the release and it was just noise that was cleared after the release and pair start trending again.

Updated Price Chart of Aud/cad

Price was trading around 0.9626 area and risking 40 pips would have been very good idea as I posted on the previous article as decision was already made and there was just a question of price faking out the area for buy limit to get filled and it does reach to 0.9620 level which filled up pending limits and still was the cheapest price after moving market accumulation.

In next few hours, I would post few videos on the trade ideas and then you all would have some idea how I went about my trading decision just prior to the strong release and I Just confirm the swings and look for the possible reward and still I think pairs have quite a strong way to travel specially Aud/chf looking strongly bullish towards 0.7560 area.

You might also like to read :- Real time Trading Signals

Updated price chart of Aud/chf - News Trading

Forex Price Action tells us about clean set of orders l Forex Price Action Techniques

I have published multiple articles on this blog to find you locate the Price action patterns which helps us in decision making and those areas could be consolidation,swing high or low, broken support or resistance rallies, drops and it helps us in locating true set of orders and levels that helps us in building strategies.Forex price action is really about finding levels or areas of concerns which help us find true set or clean orders and that is where all the trading strategies should be built to help us locating those levels.

Without complete knowledge of price action and clean set of orders, traders can not bring technical analysis knowledge to find out location to manage the risk and If they are not aware of the source or origin of the move, there is no way one can find no risk or low risk opportunities to ride the complete swing. Traders applied candlesticks patterns at support resistance, swings or important levels specially fake pin bars, engulfing patterns and look out to find the true trend.

Time to add more longs to usd/cad existing entry

I have decided to one more long to usd/cad around 1.2980 area and earlier entry was taken around 1.2890 and both the stops are now placed around 1.2940 fro free ride to test 1.3090 and 1.3175, but it all depends on how price unfolds and how price retests the area around 1.3090.