LONG Gold from bellow 1600

After loosing 21, 34 and 200 EMA on D(aily) and 2D(daily) charts a more bearish downtrend has been confirmed. Althoug I expect shorterm bounce, making a higher low and fiddling around and above 200 EMA on 2D chart (we could be rangebound for a while), I do see a high probability of loosing ground and heading down to 200 EMA on weekly and having a deep dive exploration bellow. This shouldn't last for long, a V bottom wouldnt be a surprise down there, but I will set up orders and wait patiently for them to fill bellow 1600. Its is painfully obvious now, but I was willing to buy current levels a week ago. Lets see what future holds.

I love to use pitchforks as 80% of time the median line gets fiddled with, so... Looking forward to that and scopping up some and (potentially 50%-75% lower than current prices) for a nice uptrend move from that moment in time.

Stay patient, plant trees, harvest fruits.

Buy orders set.

Note

Might be wise to open a short position, we have a major setback here as we fell down into a range, where gold was stuck between end of 2011 and mid 2013. Crazy!

Trade active

Opening a cheeky short at 1783.40. SL slightly aboive 1790.

Note

Internal note: 252 fib EMA works well on gold, historically and HTF speaking. Worth noting.

Trade closed: stop reached

Short position stopped out. Shame. My hunch was correct, analysis not accurate enough.

Note

A battle on the outskirts of the pitchfork:

eriboz

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eriboz

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