Learning to read Price Action with P&F Charting

thanks ammo
this looks like its confirming what you say
into next week
fomc minutes took the price down
spot gold 4 hour shows the latest downmove from 18 november
trendline cluster/trend res in 1256 area
horizontal/breakout point in 1250 area
minor trend/res at 1244 area


horizontal supp/aqua at 1234 area
there are lower horizontal supports from prev uptrend

5agm55.gif
 
the one and 2 year charts are sort of out of info for the lower end, so moved out to a 4 year,the widest spots(Nip) are where it traded the most, the narrowest or deepest (Cleave) are where it became too cheap or expensive and returned to nip, the wide flat spots(Ledge) are where a repeated supp or resistance happened,once it tests a nip and it holds ,it returns to prev cleave or ledge,if it holds, back to nip, if not,higher or lower to next c,n,or ledge, all the marks are targets or test points,and theoretically you can just skip the real estate in between just riding from one of those 3 points to the next
over time it leaves bell curves with the cleaves being the top and bottom,the top one is filled in nicely, the mid is filling in now and there is a smaller one below
 

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outlook for next week from the 4 hour data
the downtrend that started at beginning of November
$4 box size by 2 reversal hilo plot
purple is the main downtrend
red is the internal trend...that is being tested at 1252 area..that held it back on friday..we got the minor rally to resistance
a big area..trend res and horizontal res
there is horizontal res above at 1256 and 1264 areas
1264 being main trend res
bulls maybe getting confident now
horizontal supp at 1224 area
14y6ckz.gif


ammo we got the nip and tuck at 1252 area a
 
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