XAU/USD GOLD Day Trade Part 3
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Tale Of Two Colors with blow-off 0.7% difference hinting 1516 even possible? Would be nuts imo...
Tale Of Two Colors with blow-off 0.7% difference hinting 1516 even possible? Would be nuts imo...
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Hint: On larger time frames gold is bull and this is one of if not the only pullback we'll see and after that it's $1600+
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A month of accumulation looks like this -- s3.amazonaws.com/tra...shots/n/nSQY3OJY.png
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XAU/USD Just to prove a point we're only one good textbook impulse wave to reach that max upside! Interesting...not financial advice...i'm not entirely certain it's accurate yet. I'll let you know when I'm more certain. I would think the bull flag would break down to vertical support first$1,473... or head down if it were the leanest meanest diverging leading diagonal
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Bull flag broke down into 1474 area as predicted= ) let's rocket baby.
Trade active:
Trade active $1474.48
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Never short wave 3 in a bull market or your head will get chopped off.
Trade closed: target reached
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Well there you have it...the bloff that would be nuts...went nuts at an unpredictable time where we had a symmetrical triangle that broke half way down to the default target and then zipped up out of the flag unexpectedly and RIPPED shorts a new one. Point E was never reached (yet) And this would be one epic breakdown if it's a fake out...which it is.
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Market buyers chasing the dragon were sold into. Expecting things to go back to scheduled programming or a measured move in the other direction to saw longs off before continuing.
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Our gold on TA was spot on. However, we had something I believe it's called a change of character that occurred. A market maker decided to take out shorts that were going for wave E to $1,493.50 In less than 7 minutes they pumped the price to 1519.70!!!! This liquidated a lot of shorts and tricked those willing to fomo to be sold into for a short position. It basically throws a huge wrench into everyone's plan. When this occurs it's best to take a small position when the selling begins due to the fact we were not supposed to reach this price yet. Even the $1506.50 pivot was bypassed like nothing...that's a red flag. So where are we headed to right now? It's quite possible that the market makers wish to take out the longs now and do a drawdown of a similar % move down after re-entering the flag again below. However, when things like this happen we go back to the original TA, which said $1493.55 for a BUY. I would err on the side of caution at this point and stay out of the market until we reach the potential upside we forecasted at 1523. I repeat, it's not safe to enter into either position either short or long right now due to the change of character the composite man today from $1,501 to $1,519.70. Look for a future long to 1523 if the price whipsaws to take out longs? Be ready =)
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From what I can tell the market maker wished to trigger stops to push the price up so they didn't have to use their own money. When people were liquidated on margin they pushed the price up (buying back their shares fueling the huge rocket action we had).... It was a diabolical move and one that worked well for them it looks like.
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Nothing missed at all...waste of margin trading as it went sideways flat for a larger move s3.amazonaws.com/tra...shots/w/WxiUow9h.png
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I'll re-affirm it is a better idea to wait to trade Gold on margin. I would wait to long or short...although shorts definitely look in from the market maker to me...
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All things in time shall soon be revealed says the fortune teller
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Imagine Shorting 1511 or 1518 to 1478 or lower...
