UPDATE GoldFields slight pull back before heads to target R346
W Formation formed on GFI a while ago.
The price broke up and since then it was moving up for the first few weeks.
Then when the gold price started its consolidation, so did the gold companies.
This has formed a falling wedge. Once the price breaks above the pattern, we will see it continue its upside.
RSI>50 - Bullish
7>21>200
Target R346.54
REALITY:
Holding onto this trade as a trader is very long in terms of duration.
Not only because we prefer our nature to be short lived with each market.
But also the Daily Interest charges add on. So even though the trade is well in the money, when you look at your portfolio you're earning less that you should when it hits the take profit.
Just something to keep in mind in the futre.
The price broke up and since then it was moving up for the first few weeks.
Then when the gold price started its consolidation, so did the gold companies.
This has formed a falling wedge. Once the price breaks above the pattern, we will see it continue its upside.
RSI>50 - Bullish
7>21>200
Target R346.54
REALITY:
Holding onto this trade as a trader is very long in terms of duration.
Not only because we prefer our nature to be short lived with each market.
But also the Daily Interest charges add on. So even though the trade is well in the money, when you look at your portfolio you're earning less that you should when it hits the take profit.
Just something to keep in mind in the futre.
✅ Facebook:
facebook.com/groups/matitrader
🌐Website:
timonandmati.com
𝕏 (Formerly Twitter):
twitter.com/timonr
Trade Well,
Timon Rossolimos
Founder, MATI Trader
(Pro trader since 2003)
facebook.com/groups/matitrader
🌐Website:
timonandmati.com
𝕏 (Formerly Twitter):
twitter.com/timonr
Trade Well,
Timon Rossolimos
Founder, MATI Trader
(Pro trader since 2003)
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