It contains a FULL ANALYSIS on Gold from MONTHLY chart on down to the 4HR chart and the reasons why I am seeing it SHORT at this time. But keep in mind as you read that report or are looking at the chart in this post that LONG TERM....I am VERY, VERY BULLISH on Gold! So this is a trade to take some good short term profits while setting up for a MASSIVE opportunity to come later. I will be releasing another comprehensive report on that MASSIVE opportunity when the time comes.
This update chart in this post shows clearly how prices have tested and retested that upper MAJOR DT TL and that TL has held several times. It is again being tested and again it is rejecting prices from advancing further. Prices are also being held in check by the 2.618 extension PRZ as well. We should be seeing a nice move down coming soon. A chance to grab some good pips.
I released a similar report on Oil last month before it dropped where I said "USOil: Could We See $30 Again?". And see what happened afterwards? I have other "SPECIAL REPORTS" I have already released as well on GBPUSD and GBPJPY .
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Please keep in mind that I am not giving any trading signals or trade calls here. Only providing my own trade thoughts for your benefit and insight as to my trading technique and style. Please don't ask if you should or should not take the trade or ask for stop loss and take profit levels. Any SL or TP given on my trades are my own I have used for my trade and are not recommendations for you to use. If you are not sure, then you do not have a trading plan for yourself in place. I suggest you make one before you continue to do any trading!
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now looking at a POTENTIAL Bat setting up
but the bat would break the UT TL so may signal for lower prices
Anyhow, if you stuck to the trade I gave on this 17 days ago, then you just may be about to be rewarded. Well, you are already being rewarded since you should be in (paper) profit by about +250 pips so far. My members don't panic. I teach the mental game.
I would add some more information which support this idea:
- We are forming head and shoulders which target points 1250
- The last 4 cot reports are showing that the large specs CLOSED 42164 long positions! This is exactly the same amount of positions (42003) which they've opened since 14.06(Brexit 1250$). Why they would close those positions if the pries is heading 1400+ ?
- They've also added shorts 14864 and in the last cot they've closed 12489 from them (all except those which are taken from the top at 1375).
The wave analysis shows that we've already started wave 2 in the new "bull trend" (technically this is still bear rally until we cross AND stay above the major trend line). This means that we are going to reach min 50% retrace (1210). I think we will reach 61% (1172) and also 76%(1125).
With a green NFP today all this will be much more clear.
Where have you placed your SL if ALL this analysis is wrong?