There was a final push at the end of Friday's large decline that kept killing my scalps for gold to go back up. Bad for the scalps but it did push it down enough to validate, in my calculation, the final leg of the bat formation. Now, I'm looking to retrace to the Fibo .382 mark with a target of 1352. This is my first bat and retrace trade to post so I'm only...
Have we just formed a double-top in gold? From the looks of it, we have which means that gold prices are likely headed down. We've reached the top of the major trend channel and the last down wave had really large volume, suggesting that supply is entering the market. Today's trading session also had a wide price range, indicating ease of movement, and a close...
We didn't break the upper trendline and came down to break through the smaller TF lower trendline to find more buyers. Indexes continue to drop so we'll watch where gold finds ground to push from. Either 1370 or if it needs more buyers and better timing (the end of the week maybe with new economic press) we'll hit 1350 before higher targets.
I waited for some type of direction tonight but nothing. We'll see how rates reports have an affect if any in the morning. Typhoon in China kept volume low. I'm waiting to higher or lower entries in either direction. It needs to move down to gain strength to push higher rather than weak movements. Buyers need to feel they have a true opportunity and with the US...
Many of us have watched as Yellen and others give indications to US rate hikes and how/when they should help the economy. Japan has waited even longer for their rate decision. In gold we've seen spikes, pullbacks and consolidation but the night is upon us in the US and the day has come overseas. Let's see how it plays out. I'm basing FIBO off of lows and highs,...
It's easy to get caught up in the news. I learned the hard way a few times that having a bigger plan is crucial rather than trying to chase the outcome of news events. But with care trades can be made whether it's scalping, trend-trading or ranges. This isn't a trade but just a bigger perspective we can reflect upon afterwards. I'll append close-ups below...
The S&P500 and Gold ratio is turning down sharply today, if we break yesterday's low, or break today's low on close, during tomorrow's session, we could see a sharp drop in equities, as evidenced by the shift in sentiment the ratio shows. I'd reccomend closing equity longs, or even shorting DIA or SPY and pair it with GLD longs, basing size on 1 month ATR on each...
Let's see if we catch this top here. Looking for a retest of the KEL below. Stop loss at 41.39, and risking a small amount (0.5-1%) is fine. Gold futures and spot look ready to move down and NEM is extremely overbought here. You can also take a pair trade against GLD, other miners, etc. I'll share a few example setups in the comments. Check out my updated track...
There is one weekly target that hasn't been hit yet, and I suspect we might hit it very soon, so I'm willing to risk taking a long position here, with 23 point downside risk. Let's see if we can attain the weekly 'Time at mode' target before our stop loss gets hit. You can risk between 0.5 and 1% on this trade, and then look to add as it moves in profit, further...
COT report still showing a large number of shorts that were only added to after Brexit. Hedges? Or smart orders looking for the bottom before overbought markets correct. There's a lot of market profits to be pulled and after US election conventions we could see a big change helping to fuel metal's new bull path.
I closed larger shorts at 1327 to now scalp to see if this was the bottom and we go up or we continue down to 1320, 1308, 1300... Trading with minis until confirmation
Watching this range in this maybe of a flag pattern. Let's see how it continues to play out. So far, the bear sentiment hasn't made any real impact here. I'm holding longs from 1255, 1333, 1355, and 1366 looking so I can ride out the movements like today's pullback. Don't get trapped too early by buying the movement, buy the bottoms here. Ranging is funky so...
Gold seems to be headed for the two targets on chart, to be reached before September 23rd. This seems to match my outlook for equities, which appear to be heading back down to the yearly lows, as depicted by Tim West's yearly forecast, of a sideways market. We can fade the sentiment extremes once reached, which is the ideal trading strategy for the rest of the...
...the Centerline of course ;-) P! Yes, it's so easy, if you know how to apply the tools the right way. Learn To Earn:
As I had explained in my previous post, it was likely to see an 'emotional high' in these instruments, followed by a sharp decline. After this break down, all these instruments are at a major support level once again, and in sync too. Notes: I'd get out of shorts here and maybe flip long in a few days. Gold: It might have some more room to fall, but if it...
This is a simple analytic piece on Gold, Bonds and Bitcoin. After the Fed meeting yesterday, the market clearly decided the fears of low rates and weak dollar were justified, with a very dovish Fed, and gold and 10 year notes rallied (and quickly chinese buyers followed suit in BTC). The interesting part is that gold has yet again broken the recent highs, which...
COMEX:GC1! The gold market is saturated by six days, be wary not to lose short timing with higher profit