After the week of the bull I can see only a weak bull. It seems we topped in our 3rd daily cycle on day 6. I would've liked to see yesterday's close below Friday's low (1293,5) for a bearish engulfing close but all we got a daily swing high. Price bounced as I posted in the hourly chart update but in the night we gave back all of the gains : Asia was selling. There was no key reversal by the Monday close : but today we have the follow through and it's more important.
I don't see anything until after 1261 : this is the 200 MA , the previous DCL and the triangle trendline. Breaking down that level - and I'm sure we will break - there will be some kind of panic as bull will question the whole bull market again and bears will wake from their winter dream.
SHORT FOLLOW THROUGH update - we are short from 1295$.
評論
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Stick to the plan. Ignore the bulls. Stop in place. While we are below the 10 EMA it's a downtrend. And even if close a bit above it the next day need to print a follow through before I start to be nervous. Let the day traders gamble today.
評論
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Money is flowing out from gold to the stock market. Look how easily yesterday's dip reversed in the S&P:
I never used to trade gold much. But following you I have learned a lot about it and trade it very frequent. Thanks for taking the time constantly to update us. Your efforts are much appreciated. :)
peterwb
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Panic selling of GOLD yet??
chartwatchers
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@peterwb, not yet. But coming , coming...
I think the break of 1260 will trigger it.
Probably at fomc when Grammy announces the dec rate hike.
i am following this trade, it turned green pips almost instantly, thanks!!
popshvt
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U r not only experienced but also very brave !
vponda
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hi, so stop loss at 1295? still bearish?
chartwatchers
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@vponda, Just watch how many stops will be triggered below yesterday's low.
All the gold bugs bought the key reversal. They can decide now to stop at 1276 or stop at 1260.
hasansahoglu
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@chartwatchers, I woke up with a nice profit from 1290! :)
vponda
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@chartwatchers, nice call, i asked just to confirm because there was spike before US market closed.
I entered short at 1289 1290.
Thanks for sharing.
Do you think it is going to 1240-1250?