Gold is dumping, en route to profit target.
I am on fire. All my swing trades (short EURSEK BTCUSD XAUUSD) are dumping as expected :D
Gold is accelerating down, after forming a bearish pennant, and the target is 1300, which is (almost) my initial target that was the 1295 area.
It is testing the 20MA now, which might slow it down a bit, but I honestly do not expect much support here.
Once Gold gets to 1300 it might be time to set a tight trailing stop, I will update once we get close what I am doing.
Funny, all my trades went and made bearish pennants, these are so easy to trade, maybe I should have added to my positions:
PS: I don't even know what categories to mark this idea as, where is "gut feeling" and "momentum analysis", all they have is all the TA stuff Bollinger Bands Bill Wiliam indicator (no idea what this is) the chart patterns etc that are taught to retail traders that never make any money, and 1 option fundamental analysis.
Well, let's go for a vague "Trend Analysis" then :p
This is so easy, these kind of trades take a while thought.
Just make sure not to exit too early or not to forget to take profit / trail stop once gold gets close to that profit area.
Gold is accelerating down, after forming a bearish pennant, and the target is 1300, which is (almost) my initial target that was the 1295 area.
It is testing the 20MA now, which might slow it down a bit, but I honestly do not expect much support here.
Once Gold gets to 1300 it might be time to set a tight trailing stop, I will update once we get close what I am doing.
Funny, all my trades went and made bearish pennants, these are so easy to trade, maybe I should have added to my positions:
PS: I don't even know what categories to mark this idea as, where is "gut feeling" and "momentum analysis", all they have is all the TA stuff Bollinger Bands Bill Wiliam indicator (no idea what this is) the chart patterns etc that are taught to retail traders that never make any money, and 1 option fundamental analysis.
Well, let's go for a vague "Trend Analysis" then :p
This is so easy, these kind of trades take a while thought.
Just make sure not to exit too early or not to forget to take profit / trail stop once gold gets close to that profit area.
Comment:
Gold retested and rejected that triangle pink line I drew in this idea chart.
Price is freefalling right now.
That could be it for gold.
It might lose its uptrend this very week, or end the week on it, and drop next week.
It might be interesting to take this opportunity to aim for the skies, for those that do not mind waiting, but gold could honestly rally, especially if the stock market crashes soon. It might fall and retest the lower line before a rally thought.
1290 as a target is sufficient for me and I am betting on that price being reached, not going to hold longer I am unable to wait that long, just not my thing.
Price is freefalling right now.
That could be it for gold.
It might lose its uptrend this very week, or end the week on it, and drop next week.
It might be interesting to take this opportunity to aim for the skies, for those that do not mind waiting, but gold could honestly rally, especially if the stock market crashes soon. It might fall and retest the lower line before a rally thought.
1290 as a target is sufficient for me and I am betting on that price being reached, not going to hold longer I am unable to wait that long, just not my thing.
Comment:
I guess we can say the uptreend has been lost, and gold is waterfalling.
Also, do not forget about the monthly chart.
Also, do not forget about the monthly chart.
Comment:
Now just a matter of pressing F5 watch account equity go up to pass time.
Very satisfying.
Ok so from experience/gut feeling I believe bulls will capitulate and the price falls faster even, then goes down a little further with divergence, and spend a while around MA50, maybe reverse go up, maybe make a head and shoulder on the daily.
This trade I expect to be over by next week.
Very satisfying.
Ok so from experience/gut feeling I believe bulls will capitulate and the price falls faster even, then goes down a little further with divergence, and spend a while around MA50, maybe reverse go up, maybe make a head and shoulder on the daily.
This trade I expect to be over by next week.
Comment:
Wow, it just has been straight dumping ever since.
Fighting 1300 now, probably falls, and another flush then.
Will get out when I see a v shape recovery or slowdown.
Otherwise being greedy riding it as long as it keeps dumping.
My general target area got hit, more is just bonus :)
Fighting 1300 now, probably falls, and another flush then.
Will get out when I see a v shape recovery or slowdown.
Otherwise being greedy riding it as long as it keeps dumping.
My general target area got hit, more is just bonus :)
Trade closed: target reached:
Peace. Pumping now and it is the week end soon.
I am oooouuut! Cya.
Easiest trade in my life.
I am oooouuut! Cya.
Easiest trade in my life.
Comment:
Ye after that last day where selling climaxed, now the momentum slowed down.
It seems likely that gold will correct now.
I can't tell if it will retrace then continue lower, or go up up up.
A small bump to 0.382 or so that takes a long while would mean that sellers stopped but buyers did not step in, so selling continuation would be likely.
Upper trendline = trailing stop loss on a weekly close basis
Very high risk reward sure but very many months to years of holding that trade...
It seems likely that gold will correct now.
I can't tell if it will retrace then continue lower, or go up up up.
A small bump to 0.382 or so that takes a long while would mean that sellers stopped but buyers did not step in, so selling continuation would be likely.
Upper trendline = trailing stop loss on a weekly close basis
Very high risk reward sure but very many months to years of holding that trade...
a lower high, then the uptrend to be lost, and when that happens, massive selloff.
Going to take a couple of days... Maybe by mid-march we will get there. Boring.