A Blog of Commentary and Ideas from an FXstreet Premium Member by 
Happy Friday To Everyone !
While our Yen Crosses of Euro Yen and Pound Yen continue in their Macro-Ranges with Risk -Aversion easing a little…Gold decides to emerge from the Inauguration Festivities for a visit !
“Stupid Gold!… If there’s a Party somewhere She’s always Invited!…She always gets to do everything! …
Hmmm…the CVJ Guys seem a little perturbed here… 
Here is the Monthly View…
(click once for the captures…and Post-Time is roughly 2:45 GMT)
Now let’s go to the Daily and add an Upside Swing Fib there as well to see if we have some “Clustering” areas and Fib Confluence.
We will also add some Macro-Static Support and Resistance levels as well as a trending Channel.
Our Channel is functioning here as Dynamic Range levels to work with, and if probabilities compliment our view… a touch of the Magenta 876.50 “minor resistance” area would be a fine “target” for us next week.
Granted…we are overall Bearish on Gold in the large Macro-Term, but in this case, we see a probable Counter-Trend View here within the Channel itself.
This would be logical as back out on the Monthly…we really are “behaving” in a large Bear Flag Formation.
“How about the Hourly for our Intraday Friends?”, asks the CVJ Guys.
“Sure!” , I say…
(They’re not so bad after all… the CVJ Guys… at least there’s a bit of consideration in their icy veins!…)
The Hourly provides a nice Range to work in within the “Lower Band” of the Channel.
We have a nice area of Price action that is “behaving” as a Symmetrical Triangle/Pennant Formation…so we may certainly see a Break here relatively soon.
Now…if we obey “Classical” Technical Analysis, and if our Break comes to the upside…we will meet our Magenta target, indeed, by simple measurement of the “Flagpole” itself.
We will meet again, as always, Sunday for the Sydney Open and see where we have traveled.
In the meantime…hide all of your Gold…
The CVJ Fan Club Guys are on the War Path!
Hi, can you explain how you arrived at the general yellow and green upper and lower channel support lines? I recognise this type of flag pattern from day trading the US$ and EUR, but I thought that to draw ‘channel’ lines you needed at least 2 support points on each line to justify drawing it.
Maybe different markets behave differently and I shouldn’t be comparing. Any ideas appreciated. Thanks.
[...] enough…we visited with Gold three weeks ago to the day on January 22nd… and my uptrend Channel on the Daily View is still rather [...]
Greetings FapTurbo, and thank you for your Inquiry!
In “pure” Technical Analysis, this is the case… and with the larger Time-Cycle here, we have a myriad of contact points within all aspects of the Channel as a “Whole”.
Being a diagonal “Dynamic” Channel in my personal view… some liberties are taken… although the “Function” of the Channel remains the same.
This is an example of how we see Chart Patterns and Formations and various other delineating Tools as their “Function” always taking the priority…as opposed to their perfect “Form”.
Sincerely,
- Tim -