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Gold:XAUUSD Playing the game of push/pull with DXY Gold: XAUUSD How DXY is the gold trader's best friend right now So far gold has behaved in the bear-mangling mode expected of it since the dollar broke down below key support on DXY at 94.26 (right hand chart) but it wasn't too smart to let it go again at 1290. That rally on Friday was vicious for bears - the shape of price action as gold turned resistance at 1281 into support shows the market adjusting before gold powers 16 points north, a volte-face - which you would have been expecting if you've been experienced enough, wise enough to run the two charts in tandem. If you don't you're dealing with a blindfold over one eye... The pin bars on the one hour chart here show strong rejection at 1296.78 down to current levels at 1293 and a streak of uncontested green...very rare for a space like that to remain uncontested and it should flip back to 1288, and potentially to 1284 before it rallies again. On the other side of the street, we can see that DXY is flipping in a range beween 93.99 (the high for the week was exactly 93.99 as forecast, giving a precise point at which to sell gold - with stops only triggered in event that DXY breaks above 94 and holds, in which case DXY is going up and Gold is going back down. Just the best duo/tandem trade there is in almost any market anywhere. Use it or lose it. Probably the best companion a gold trader can ever have. DXY: Dollar index Through all the noise of currency pairs and most commodity markets there is a still, small, much neglected voice that can tell usually show you the bigger picture/helicopter view of all that close combat fighting going on below. Not always, but usually. DXY, so far since the breakdown at 94.26, has been very helpful. It's flipping between 94 key resistance and 93.50 key near term support and this is what's causing such grief and whipsaw in the price of gold. Right now it's giving mixed near term signals... believe it will break lower still eventually, but the chart is not confirming that here....it's just double bottomed at 93.50...was Ok to bounce here for sure but that was quite a big bounce - pins at top and botttom of move...just near term a little confusing, at least to this writer anyway. But gold is toppy near term and DXY is showing a double bottom near term. If it can rally from here then it should push back up to the 93.99 where it should meet profit takers. (Do same with gold shorts at that point). And only if DXY can then manage to break above 94 and hold is the tide turning back in favour of Dollar, at which point we look to short gold again. And on the other side, if at any point DXY breaks 93.50 it enters a zone of uncertainty/whipsaw between 93.50 and 93.35 where positions can sudddenly reverse - like quicksand on a map this zone cannot be trusted - a zone to avoid if possible. However, if at any point DXY is driven below 93.5 for more than 2 hours it will become llikely that support is eroding and it should start to fall away quite hard to 92.80-92.62 - and thereby triggering aggressive gold longs.
FX:XAUUSDShort
by sumastardon
3
EURUSD: Continuation pattern prior to next decline still in playEURUSD It's plain to see that this this pattern is still one of continuation and eventually EUR should break the lower parallel containing this week's minor corrective up-wave and come much lower still...so am not looking to buy dips, more to sell the EUR rallies back to the upper parallel, looking for much lower values once the parallel gives way... Whilst being written another pin bar of heavy selling has been created, only confirming that this is a sucker's rally. This time we need to keep away from the EUR cookie jar. It's pretty much empty. The last hour of trading only adds weight to that outlook. Look to sell from the smaller upper parallel if retested and then to sell again once the lower parallel is broken on the downside. EUR has much further to fall over the coming weeks, as per recent comments.
by sumastardon
IMAX - Upward channel Possible earnings play, $31 March PutsIMAX seems running within an upward channel, also forming a possible bear flag formation. On the other side we have the earnings coming in 2 days. So we would like to take advantage with option, and we would consider $31 March-17 Puts, last traded for $1.25 * Trade Criteria * Date First Found- February 19, 2017 Pattern/Why- Upward channel, Possible bear flag, Possible Earnings play Entry Target Criteria- Current price Exit Target Criteria- $29 Stop Loss Criteria- N/A Please check back for Trade updates. (Note: Trade update is little delayed here.)
NYSE:IMAXShort
by AcornWealthCorp
PLAY - Short at the break of 39.43 to as low as 28PLAY is forming a potential head & shoulder. It is rolling over & moneyflow is rolling over too. It also had insider selling recently. It has good potential to go down from here to 28 area, and for short we have very good risk-reward ration over 5:1. For trade we are also considering $40 January puts. You can check our detailed analysis on PLAY in the trading room/ Executive summary link here- www.youtube.com Time Span: 1:45" Trade Status: Pending
NASDAQ:PLAYShort
by AcornWealthCorp
SPY support reversalIm long once price crosses above the green line in a 30 mn or 1 hr time frame. Market is exhausted and sitting on key support. The white lines are possible price action movements (definitely not gauranteed) that has a high chance of happening. usually the market likes to make an inverse head and shoulders or double bottom when it reverses so Im guess this bear flag that we are creating is either going to make a new low under 180 and fail to follow through or we will see the market make a higher low above 180.00.
AMEX:SPYLong
by YusufS
ICLD Revenue Hype playFormer runner after the CEO announced that this year will be a good year of revenue and reform. He also mentioned, how ICLD has reduced debt into the close of 2015. The CEO here is hyping the shareholders after this junk stock has been crushed quarter after quarter. This can spike again and there is dip buying volume as i point out. TradingView doesn't receive small cap stock quotes so the chart is choppy, use your brokerage platform. Long at .70 with about a 2 cent mental stop loss. Now my target here is aimed for .84 cents which is where all the shorts were entered, so I'm assuming either one of two things will happen. Either we lose against the resistance in the mid .80s or we overcome it and we see a short squeeze to the next exit: 1.00. Swing trading this for hopefully at most two-3 days. Not going in with a large position because im trying to capture a volatile and large range move. Good risk reward and good profit opportunity here.
ILong
by YusufS
Market chaosPast few days, we have seen failed bounces here in the market. One key level has come to my attention that is actually going to determine the next move. That is the green support line (191.70). On the daily chart that is a very active support/resistance level. As you can see I circled the past few days activity around that level. Traders are playing off that level, The first circle on the left shows that we drove price above that level to stay neutral and not bearish. The next day and circle we bounced off that level showing great support and buying in that area. Today we are showing lots of weakness, If we can close the day below that level, get short with a tight stop just a few cents above it. I have labeled my target to the next support structure as you can see on the chart however it is possible that if we break 191.70 we can fall very very hard.
AMEX:SPYShort
by YusufS