XAUUSD - Weekly Timeframe, Fibonacci levels & Parabolic curves
I was looking at Gold on the weekly chart and saw something quite pertinent. Notice that in Aug 20 the high of Gold was at the 4.236 Fibonacci Level and then it pulled back to 2.618 level. Even on the way up, astute traders will notice the levels where price halted or took support.
Please note that the Fibonacci levels were drawn in on 3rd December 2018. The high of 2030.60 was just $1 less than the level projected by Fibonacci. This is very significant.
But, for those who do not have any idea of Fibonacci levels or who do not consider it important, the price of Gold should change your opinion if you look at the levels where price halted or took support. Fibonacci levels give clear idea of how and why price is behaving the way it is.
Parabolic Curve: TV has added this tool in the arsenal for traders and when the Parabolic curve is added to price, it is giving an idea how price is likely to move now. The price action shows it will attempt to go up.
I follow Fibonacci and it has significantly helped me in my trades and what Gold has done as so many other assets do regularly - that is respecting Fibonacci levels - all this has reinforced my belief that Fibonacci levels are highly relevant and I have learnt to keep the levels in mind when taking trades to stay profitable.
Furthermore, the benefits of trading on higher time-frames are well documented for any repetition here.
Feedback welcome.
Please note that the Fibonacci levels were drawn in on 3rd December 2018. The high of 2030.60 was just $1 less than the level projected by Fibonacci. This is very significant.
But, for those who do not have any idea of Fibonacci levels or who do not consider it important, the price of Gold should change your opinion if you look at the levels where price halted or took support. Fibonacci levels give clear idea of how and why price is behaving the way it is.
Parabolic Curve: TV has added this tool in the arsenal for traders and when the Parabolic curve is added to price, it is giving an idea how price is likely to move now. The price action shows it will attempt to go up.
I follow Fibonacci and it has significantly helped me in my trades and what Gold has done as so many other assets do regularly - that is respecting Fibonacci levels - all this has reinforced my belief that Fibonacci levels are highly relevant and I have learnt to keep the levels in mind when taking trades to stay profitable.
Furthermore, the benefits of trading on higher time-frames are well documented for any repetition here.
Feedback welcome.
