We are nearing to the weekend. This week really turned out to be the week of the bull. We are near to 40$ profit this morning. Resistance levels are approaching.
1. First the target price counted from the right translated double bottom pattern at 1304$. ( The right translated pattern will be important later what I'm doing and why. 2. Later the 200 SMA on the 4hrs chart : 1305,8$. 3. And last the resistance at the false swing : 1313,715. A lot of bulls will get out at this level as they were trapped at that false swing...
I just want to prepare you that I'm going to jump out between 1304 and 1314. I want to see what's happening with the currencies and stocks at these critical gold levels.
Notice that he FIBO 38,2% retracement is at 1297,88. We just hit our head into that level in the last hour...
LONG FOLLOW THROUGH - Holding the longs
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Price has dropped from the FIBO 38,2% . DOn't like today's price action. It's running out of steam.
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Let's see if UJ drop in the night can give as that bounce into the green TP rectangle.
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Not so happy with the price action here in gold, too... AFter a break out of the flag on day 4 we shouldn't act like this. The new highs are smaller and smaller. I will take profit on half of the gold position before the CPI and Retail sales news.
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Closing 50% of the gold position at 1293,767.
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I will use a stop for the rest of the position below the flag at 1284$.
手動でトレードを終了しました
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These are not the droids I'm looking for. Closing all gold longs at 1299-1300.
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No shorts in gold yet. I'M selling EurUsd though.
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Now you know why I wasn't happy with this rally.
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This doesn't look good at all:
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We are turning down from the 200 MA on the hourly chart.
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I'm short in gold : will update on the daily chart.
Arpi i dont understand why you start close your long position. Were bull market
chartwatchers
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@Lil_Moskva, the dollar is not ready with its rally. If the dollar rallies gold will drop. I dont want to get caught with gold longs when the music stops.
usef
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we will turn to continue the bull before 1260
chartwatchers
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@usef, It's impossible to tell at this point. But I think we will wake up the bears by breaking below 1200 in November.
usef
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@chartwatchers, we are at 1285 sure we will not wait 85$ to know
am still long from 1273 stop 1250
1250 is an important level
if you are selling 1270 will hold
Lilie-Lily
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Thanks for your hint arpi....im selling from 1304 running like a champ...
lbg01
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And thank you for all the warnings!!
MBP
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what's your stand?
short?
chartwatchers
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@MBP, I went short an hour ago. I suggest to start to build a short position if there is a pullback - usually no - then add to the shorts.
MBP
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@chartwatchers, nice, just confirming. i'm short since Friday. Glad that i did that .