themarketzone
Short

Cypher completion + Pinbar pattern

AMEX:GLD   SPDR GOLD TRUST
$GLD's weekly bullish reached far above the target levels I had for previous bullish setup. Although I was extremely bullish Gold             , I didn't expect the strength of the move we've seen in Gold             during February so far.
What I'm looking for now is a pullback that will allow another bullish entry from lower price levels.
The Cypher pattern completion zone near 120$ is an interesting pattern to focus on during the next two weeks. We've already seen some bearish reaction last week that generated a bearish Pinbar and an Inside Bar on the last two trading days, but perhaps it's a bit premature to determine that the pullback has started.
The Cypher pattern rules suggest that you should place a stop loss above 126$ and set 113$ and 108$ as potential target zone. The Pinbar pattern, if it will be triggered (price must close below the Pinbar's low), allows to place tighter stop loss – above 122$.
I assume that such strong bullish move, as seen on $GLD, will not end with a single peak. Perhaps a re-test of 120$, or even a spike above it that will create False Break to Thursday's highs, will provide a better technical reason to trade the potential pullback in Gold             .

Tomer, The MarketZone
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Comment: Approaching Target Zone
Comment: Looking for continuation move this week with double top inside the PRZ
good analysis...looking forward for Thursday!
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