With a tight stop I will sell short in gold to tag EMA 200 again. A key reversal candle is forming on the hourly at the trendline.
I think noone can tell now what will happen in gold.
Looks like it wants to break out from the pennant soon, but we might get a curveball and it goes down one more time to the lower leg of the pennant or at least to the 300 EMA.
And there is always a chance with this COT numbers that we break down from the pennant (breakdown would be below 1223)
Only sell this short with a stop at 1247.1. If we break up from the pennant it could have a crazy rally...
Who are still in short with me with the half position can give back that half position with this stop. THe worst could happen we come out with a minimum profit.
Coldblood traders can wait till the lower leg of the pennant at 1225 and take profit there.
I think noone can tell now what will happen in gold.
Looks like it wants to break out from the pennant soon, but we might get a curveball and it goes down one more time to the lower leg of the pennant or at least to the 300 EMA.
And there is always a chance with this COT numbers that we break down from the pennant (breakdown would be below 1223)
Only sell this short with a stop at 1247.1. If we break up from the pennant it could have a crazy rally...
Who are still in short with me with the half position can give back that half position with this stop. THe worst could happen we come out with a minimum profit.
Coldblood traders can wait till the lower leg of the pennant at 1225 and take profit there.