AdamParmer

Gold cup with handle.. problematic?

COMEX:GC1!   GOLD FUTURES
Usually a cup with handle formation is a continuation pattern..

Usually it does not retrace more than 1/2 of it's previous advance..
The practical takeaways
  • If we get a breakout of the handle with strong volume, this is a buy signal
  • Until this breakout, expect the daily moves of gold             to be sloppy and choppy
  • If this breakout does not come and we cannot hold the handle, this could be a shorting opportunity

Yellen's dovish words pushed the dollar lower and gold             higher.. will it stick? Watch these levels, volume , and divergence in RSI or MACD for clues.

Historically, gold             and interest rates do not like to move in the same direction..
Trade active: I am going short on Gold here. Something isn't quite right... something stinks and I am basically looking for the price to drop through this bottom channel of the handle. If I am wrong (which could be) I will hit my stop and l will look for the next trade. STAY DISCIPLINED!
Comment: I made a quick scalp trade but I am watching carefully here flat
Comment: Bottom trend line clearly breached looking for the best short trade at the moment.
Trade active: Short 1 May contract at 1228.8
Comment: I can't tell if this is a fake out or not. I have set up a bracket order to take me out at 1127.8 at a small profit or at 1170 in case this thing wants to fall for the floor. Position management is key.
Comment: I am still short one May contract at 1228.8 with a bracket on both sides to protect profits. I will probably carry this position through the weekend
Trade closed: stop reached: I was clearly stopped out at a profit. I am trying to see if we can regain the bottom of the handle and move higher or if we continue to breakdown. Very key levels here!
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