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Too many drawn Trendlines all same look: how to draw Trendlines with different look? 2 replies

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Circular Trendlines

On the daily chart a while ago, I had mentioned of a line that was difficult to break. This line is shown by the red trendline on the weekly chart below. The previous post in regards to this was:

http://www.forexfactory.com/showthre...12#post5370512

After inspecting the weekly chart, there is high probability that we wont stay much longer in the 2970/3000 to 3380/3480 region. A big size drop to 1700 / 2000 is in the making.
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More of a drop to follow towards 2950...
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Here is the H1 view for RSI...
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Here are the new fib levels to watch...
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Still on a downtrend till 2950
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Here is another interpretation of more downward move...
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Tomorrow is the full moon at 4:40 AM New York Time, ususally a major move starts within +/- 1 day within that period, so countdown starts from today, and we are looking at today, tomorrow or day after tomorrow for a possible strong move. We have to check trendlines and RSI to get a more accurate entry, but 3 possible spots given the alignment of previous cycles are shown. Offcourse if we go down to 2950 by then it would be a buy and if we go to 3150 it would be sell, so far 3050 zone remains questionable at the moment
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We are still within Sell Limits on the H1 chart...

Here is the Wave count:
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H1 Setup...
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Quoting Kambooj
Tomorrow is the full moon at 4:40 AM New York Time, ususally a major move starts within +/- 1 day within that period, so countdown starts from today, and we are looking at today, tomorrow or day after tomorrow for a possible strong move. We have to check trendlines and RSI to get a more accurate entry, but 3 possible spots given the alignment of previous cycles are shown. Offcourse if we go down to 2950 by then it would be a buy and if we go to 3150 it would be sell, so far 3050 zone remains questionable at the moment
Nothing more to Say
Catch u tomorrow
Quoting Kambooj
More of a drop to follow towards 2950...
I had seen this thread before...but i have never been skilled enough to use the circles like you do ! I am really astonished...and watching ur work with great excitement !

thanks for sharing your experiences here..
Hello Kambooj,

The weekly chart seems to have had the "answer", right? (Posted March 5th )

You indicated an UPward move ±1.3250-ish area as far as I can see.

Would be interesting to see your charts at the end of today.

Appreciate your willingness to share and educate.
The sudden upward movement from 3150 to 3277 is still at the outer boundary of the black cirlce, and it has broken the blue line slightly.

If price action goes up to the blue line, it will still be considered as a sell spot, the fact that it has slightly borken it, and is showing some resistance at the black circle is not ruling out the possibility of a bearish move, but at this point in time its better to stay out and see what happens.

The only thing that can be mentioned at this time is a behaviour of going back underneath the blue line. If price action does that, then the implications are that its preparing for a move downwards.

From a elliot wave perspective the count from the high of 3485 which is a corrective move, is not clear after the labeled X what is happening. One of the possibilities is a triangular formation or a flat formation taking place. Since the RSI is maxed at the moment and its clearly showing a strong curvature at the red circle, its not a safe environment to go long.

I am still considering this to be a false move upwards, but staying out for further confirmation
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Yes, on the weekly chart, this is just on the verge of breaking downwards.

On the hourly chart, price action is trying to give the impression of going well beyond 3300 to 3600 and 3700, but its not at a stage yet to even consider that possibility.

When strong breaks happen, usually fake moves are one of the precursors.

Overall my own preference is not to trade against the direction of weekly time frame.

Quoting Hercs
Hello Kambooj,

The weekly chart seems to have had the "answer", right? (Posted March 5th )

You indicated an UPward move ±1.3250-ish area as far as I can see.

Would be interesting to see your charts at the end of today.

Appreciate your willingness to share and educate.
Just for the sake of reference....
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Here are more details on why risk is high...
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wonder if this would be possible?
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Unless you get some consolidation along the point where the arrow starts then

no.

You need to see some form of a small consolidation happening at the pole. But once it happens then the target of where the arrow will end up is correct on your chart.

If that pole breaks, then divide the circle into 3 equal parts and that would be approximately where the support will be felt. Also gage reaction as motion gets close to center.

Since its pinching into the pole, be carefull about going short, but keep an eye for false breaks of the pole too.


Quoting bumapatria
wonder if this would be possible?
Quoting Kambooj
Unless you get some consolidation along the point where the arrow starts then

no.

You need to see some form of a small consolidation happening at the pole. But once it happens then the target of where the arrow will end up is correct on your chart.

If that pole breaks, then divide the circle into 3 equal parts and that would be approximately where the support will be felt. Also gage reaction as motion gets close to center.

Since its pinching into the pole, be carefull about going short, but keep an eye for false breaks of the pole too....
there were similar situations before which is the "squeeze" like literally price is squeezed between 2 or more circles/ellipses and then makes a VIOLENT breakout after it is free from the containment.

im sure uve seen something like that right? thats what im trying to assume from that chart but true, its missing what you said.

btw thats lagging 2 days. gold bounced already and am sitting nicely atm
Yes I have seen that phenomenon quite a bit,
Hard Squeeze and then a strong bounce,

Probably need to check smaller time frames for small signs of breakout, thats usually gives you better indications.

Quoting bumapatria
there were similar situations before which is the "squeeze" like literally price is squeezed between 2 or more circles/ellipses and then makes a VIOLENT breakout after it is free from the containment.

im sure uve seen something like that right? thats what im trying to assume from that chart but true, its missing what you said.

btw thats lagging 2 days. gold bounced already and am sitting nicely atm
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