As you know I have been bullish on gold since mid-December and closed out my long positions last week and am waiting for a pullback and a re-entry.
What made me want to close my position?
I’m showing you two charts and this technique can work on any multiple timeframes that you might be trading.
Monthly Gold Chart
You can see at the end of February the Hawkeye Volume turned green, Heatmap dark red and there was also a Hawkeye Pivot two bars previously, indicating that we will have 3,5,7 bar reaction from this point.
The price goes up as expected and has reversed off the Hawkeye stops, which on the slower time frame always acts as resistance
Daily Gold Chart
The magenta arrow shows the red Volume has entered the market. This coincided with exactly the same point on the daily chart as the monthly chart when the price stalled at the monthly Hawkeye stops.
I have placed a dotted yellow line and also a down magenta arrow where this took place.
Strategy for the upcoming week – I now want to see the daily finding support at the daily stop level and reverse to the upside in harmony with the weekly and the 133-minute chart.
And when the monthly stops are broken this market will truly be on its way.
You can use this method on any instrument you might be trading and any multiple time frame.
I will be teaching this at the upcoming April online webinar and encourage you all to come and register to really learn how to drive the Hawkeye engine. As long as you register you will receive the recorded webinar so you don’t have to be actually present to benefit from this education.
We demonstrate this and many other methods in our live demonstration room held every Wednesday, and this is open to everyone. Click this link for more information or to join us in class.
[The magenta arrows are for illustration only and do not form part of the software]