If we base on the readings, obtained from my ratio analysis, pairing gold vs each currency, we'd be biased towards a trade setup here. Although rgmov doesn't signal a new 44 bar high in any timeframe, the monthly does have a recent uptrend, which turned into a lengthy sideways move, and price is emerging right from support, so this opportunity should be considered.
Check out my previous Nikkei chart, and the gbp/xau, an jpy/xau ones, as well as Tim West's own analysis on the Nikkei for more information.
The 3 targets on chart are potential reversal zones as well, the low enviroment we're in makes me think we have a very big move coming!
I take this trade as a hedge against my longer term shorts in usdjpy and my eurusd and usdchf longs. It's good to keep a balanced portfolio when opening and managing multiple positions, without being incoherent with our own analysis and methodology.
I'll post uptades and send broadcasts with more information, related charts and associated add on trades to my followers at collective2. Check out my profile for details. Currently offering a 15 day free trial.
Time at Mode FX
Also adding if we expand range, risking the day to turn down. Aggressive play.