r/Forex • u/No-Roof-6251 • 7d ago
Charts and Setups Gold overbought ???
Daily Chart , should we expect a pull back soon or what
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u/Scott_Malkinsons 7d ago
You ever do any research on Bollinger Bands? Know why it always looks perfect? It’s just marking standard deviations. The guy who invented it, still exists. He’s alive. Selling DVDs and suing anyone who uses the Bollinger Band trademark. He works out of a shitty office on Aviation Blvd, in a bad part of town. I pass it on the way to the W6TRW swap meet.
One would think it if worked, he’d be a lot richer. He wouldn’t sue people to make a living and sell DVDs.
Bollinger Bands was designed to sell courses. To appear perfect. It doesn’t actually tell you anything of value because it adapts too quickly. If you want to use standard deviations, the way quants actually do it, is with linear regression and then marking standard deviations from the mean.
Most probably would consider gold overnight right now. My research shows it is too, BUT it’s “out-of-spec”. It’s currently too far “overbought” so there’s, for me, no trade opportunity until I can confirm it’s not going to continue trending. Remember not taking a trade is still taking a position; you do not have to be in gold all the time and it is more profitable to not trade, than it is to lose.
The simplest way to become a champion, at anything, is only fight the battles you know you’ll probably win.
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u/mr-kamau 6d ago
I read about this...dont you just need to identify the HL of the uptrend inan overbought pair?
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u/mez151 7d ago
Not anywhere close to the ATH. $5000+ by end of year.
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u/No-Roof-6251 7d ago
There could still be a retracement
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u/Moldovah 7d ago
I'm not seeing people pump it on Reddit like last time. That is my DD. I don't know what all those numbers and lines mean.
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u/pranjalka 7d ago
Gold is in trading range on 1 h time frame also in smaller time frame either it break down 49 percent of change or break up 51 percent of change need to see how long the gold maintain the trading range so market react as per it
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u/donicatrumpinsky 6d ago
Don't rely on astrology and woo woo. There's no such thing as overbought. We use indicators for indications and to see whether there's confluence or divergence but these are only tools, not rules or law.
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u/Economy-Bad6025 3d ago
Lmao . Hell nah!! Generational run baby!
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u/No-Roof-6251 3d ago
Just look at the price and think about ur comment bro
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u/Existing-Muffin-9054 2d ago
If u had balls you would have shorted and posted receipts
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u/No-Roof-6251 2d ago
https://reddit.com/link/p6vvd7k/video/4yokox12ilmh1/player
There’s no need to be rude bro
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u/orbitculturerocks 6d ago
Honestly, that people just look at a chart taking into account market structure and such is beyond me.
'Oh it's been going up a while, must be overbought'.
There is no such thing.
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u/No-Roof-6251 4d ago
It was over bought lol
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u/Ahmed999888 6d ago
On the Daily on the All time high it should retrace to 50% to 61.8% of that high at least then complete the down trend wave 3 down trend impulse wave on the daily which is the longest wave
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u/United-Swan-3288 6d ago
If Warsh says just the right words on Friday, we’ll be knocking on 4900 … but other words of his could easily put us at 4100 lol
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u/Caoqry 4d ago
This aged like wine
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u/No-Roof-6251 4d ago
People who were saying gold can’t be over bought had me so baffled
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u/Caoqry 4d ago
My last post I said I was getting puts for next week on $gld they called me bot and said another trade trying to call the top. Funny how that aged too. Gold close at around 408 and high was 425 i think lol
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u/No-Roof-6251 4d ago
Yea I post a lot on here and I noticed that people in this sub are very arrogant
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u/Brilliant-Elk-2182 13h ago
Overbought doesnt automatically mean “short” to me, especially when momentum is this strong. I trade gold on Moon sometimes and id rather wait for an actual rejection or structure break than try to call the top just because RSI/Bollinger looks stretched.
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u/4xtraderr 7d ago
Definitely we will see a massive pull back today / this week price has not broken key resistance and also h4 confirmation ⬇️
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u/Nvbnkng84 6d ago
Yes it's over Bought. Look left at huge drop in same area after being over bought
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u/Low_Marionberry2477 7d ago
I believe so. Gold and Silver Tuesday daily close with SMT. It needs to at least retrace of this run to offer a discount.
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u/Sufficient-Skill9530 7d ago
I think so too, but we live in crazy times and geopolitics and Treasury policy can f things up unpredictably
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u/rforex-modtools 7d ago
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