Not many people know what gold's failed double top's worth is. I do. Sixty bucks. That's what shorts must bear if we break out today. And that's what we are going to earn at this market in 2-3 days.
The pattern many traders believe a double top was just a flag what we tested back on the 21st of February.
Yesterday we had a big volume on the 4hrs chart in the last candle. Bears tried to take control of the gold market. After the FED minutes price reversed immediately and we were back to the highs.
The first daily cycle rallied nearly 100$ from 1122$ to 1219$ and the 2nd daily cycle started its rally from 1180$. The minimum what the 2nd daily cycle will rally is 100 $ - most probably it will be more - as the 2nd daily cycle is always printing at least the same bounce as the first daily cycle. As we were consolidating in a flag for nearly a month the breakout will be violent and even 1300 $ is not out of the table.
It's a LONG UPDATE idea as we are long from the first DCL (1180-90) but as I think it will be a great breakout and rally one can enter a long position here with a stop below 1215.
The pattern many traders believe a double top was just a flag what we tested back on the 21st of February.
Yesterday we had a big volume on the 4hrs chart in the last candle. Bears tried to take control of the gold market. After the FED minutes price reversed immediately and we were back to the highs.
The first daily cycle rallied nearly 100$ from 1122$ to 1219$ and the 2nd daily cycle started its rally from 1180$. The minimum what the 2nd daily cycle will rally is 100 $ - most probably it will be more - as the 2nd daily cycle is always printing at least the same bounce as the first daily cycle. As we were consolidating in a flag for nearly a month the breakout will be violent and even 1300 $ is not out of the table.
It's a LONG UPDATE idea as we are long from the first DCL (1180-90) but as I think it will be a great breakout and rally one can enter a long position here with a stop below 1215.
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BOOM!
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Sit back and enjoy the show.
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I hope I don't have to say : NO SHORTS .
Try to ignore the top callers.
The bull might become very aggressive.
Try to ignore the top callers.
The bull might become very aggressive.
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We are having a good volume again today.
A good breakout volume.
A good breakout volume.
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We are a bit overbought.
We might test back the breakout at 1244 in the European night before going higher.
We might test back the breakout at 1244 in the European night before going higher.
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Use it for a long entry if it happens but don't try to short from here.
Might or might not happen the testback.
Trapped bears will be buying every little dip.
Might or might not happen the testback.
Trapped bears will be buying every little dip.
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Shallow pullback. Couldn't even test back the break out.
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Now you know why I told you not to short this beast.
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We are getting overbought again.
If someone is holding a horrible position this is the time to ease on the position a bit and put some money into the miners at the open or try to buy back a bit later if we have a pullback.
I'm playing with 10% of the position.
If someone is holding a horrible position this is the time to ease on the position a bit and put some money into the miners at the open or try to buy back a bit later if we have a pullback.
I'm playing with 10% of the position.
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If there is no pullback and I lose 10% of the position : let it be..
We will tag at least 1280 in the next few days. The daily chart is still far from parabolic.
We will tag at least 1280 in the next few days. The daily chart is still far from parabolic.
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I don't want to repeat myself , but of course:
NO SHORTS.
You have almost zero chance to make money now.
NO SHORTS.
You have almost zero chance to make money now.
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20$ completed. So far so good. We might have a little break here
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SHorts are getting excited again..
We were too overbought so they hit it down while banks are buying gold miners at low prices before the rally.
Bears will be fleeced again as they release gold again.
Guys we broke out of a monthly consolidation.
It's not a 1 day rally... I'M buying back my 10% here and adding.
We were too overbought so they hit it down while banks are buying gold miners at low prices before the rally.
Bears will be fleeced again as they release gold again.
Guys we broke out of a monthly consolidation.
It's not a 1 day rally... I'M buying back my 10% here and adding.
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JNUG 1/3 of the average volume after 1 hr
Banks are buying
Banks are buying
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NUGT 1/3 of the average volume after 1 hr
Banks are buying
Banks are buying
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It seems to me we are done. We just tested back the night breakout.
RSI is turning up again and wannabe overbought..
RSI is turning up again and wannabe overbought..
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We are entering the last stage of this daily cycle.
Fighting with the 200 SMA.
Fighting with the 200 SMA.
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Rejected from the 200 SMA. It's not a tragedy but I don't like the miners' action today
Gold at new highs and miners are down.
Somebody is lying
Gold at new highs and miners are down.
Somebody is lying
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We still have a good money on this long idea.
We took profits on half of the position in PI.
As the big picture is messed up I'm going to take profit today at 1248.50 on the 25% of the original position.
I will have only the 25% of the original position with a stop below today's low.
If we break below today's low I'm out of this trade.
You can ride the 100-75-50% of the original position with a stop below today's low. You decide how much you want to risk.
We took profits on half of the position in PI.
As the big picture is messed up I'm going to take profit today at 1248.50 on the 25% of the original position.
I will have only the 25% of the original position with a stop below today's low.
If we break below today's low I'm out of this trade.
You can ride the 100-75-50% of the original position with a stop below today's low. You decide how much you want to risk.
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We printed a hammer today. Might be reversing and heading higher tomorrow or continue our way down to the DCL.
トレード終了: ストップロスに到達:
The last 25% is stopped out today.
Waiting for a new long entry
Waiting for a new long entry