chartwatchers
Short

GOLD - fast move down to the DCL

FX:XAUUSD   Gold / U.S. Dollar
1384 36 27
We are on day 27 today. We bounced from the 10 EMA yesterday.
This is normal. But don't wait for a big rally to 1300+ ...
We have maximum 7 days from now for a move down into the daily cycle low.
Today the dip buyers were buying gold             as a backtest of the breakout.
As soon as bulls will realize that it's not a backtest but we are heading down to the 50 EMA and to the trendline , they will be trying to exit immediately. That will push price down to the trendline or to the 50EMA into the DCL.

We will have a pop from the 50 EMA as a start of a new daily cycle but that last daily cycle will roll over in 4-5 days and we break below the 50 EMA and enter into the panic selling stage. That will take price down into the 5th daily cycle low at the 200 EMA .
Comment: I don't know how long the dip buyers will be able to hold the hourly 200 EMA against the rallying dollar...
Comment:
snapshot
Comment: I'M not going to take profits at the 10 EMA.
Time is too short for this decline. Today and tomorrow I would like to see a really serious and scary decline below the 20 EMA with the blood of the late bulls on the chart.
They must realize that got caught on the wrong direction.
Comment: And here is the false breakout from the double bottom on the hourly.
To suck in retail traders...
snapshot
Comment: These big banks and funds are painting on the chart what they want you to see....
THat's why the times of the pattern traders are over. The patterns alone are useless.
Comment: I'M taking profit half on my XAUUSD position. I will explain later why...
Comment: Not touching the DUST positions.
Lower timeframes with Bullflag
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great! thanks for sharing mate
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What if NFP tomorrow are negative for the dollar (less than expected around 200k) ? Can this throw gold up to 1290 area again ? I've been following your charts and the bulls are really pushing hard. Thanks
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Yes. I added the new post.
1290 is still possible.
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Thanks your opinion really matters , where do you see gold heading by next Friday ?
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Around 1220-40?
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sir what is tp ?
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Really fast move down, i am long from 1280, i hope a rise before NFP
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you are pretty awesome... i love following you. question - for the fast move down - are you just using Fibs to calculate? looks strikingly similar to elliott waves ...
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Till I see my EMAs I don't use them ...
At the EMA 50 I might put on a FIB on the chart.
Until the decline really starts the FIB is just mental masturbation...
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webmiztriz PRO chartwatchers
masturbation? lol ... that made me literally LOL
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2 questions. 1) If patterns are useless what should we be using to gain an edge trading? 2) What indicator are the green, red, yellow dots on your chart?
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"The patterns alone are useless." Everything should be used together.
Chart patterns, candlestick patterns, indicators, sentiment, COT reports with blees rating,
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alanprotrader PRO chartwatchers
Price will no rise to 1290 or 1300 again?
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What are the dots on your chart?
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please tell me it will rise, was my mistake not close all my positions when hit 1286, now i am scared.
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chartwatchers PRO alanprotrader
Are you long or short?
From what price?
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alanprotrader PRO chartwatchers
i am long from 1280. thanks for reply.
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chartwatchers PRO alanprotrader
Hold it we might have a pop.
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JZA80 chartwatchers
Your other posting showed Gold going under 1200, now hold and have a pop. What is it? Hold and have a pop or short? Better yet, I think I will watch the wishy washy back and forth, short one day, long another day, squeezing out pennies here and there.
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By the middle or end of june Im wsiting for a decline to the 200 EMA. The daily chart is showing that.
The direction is short. It was short. It is short. It eill be short.
On the hourly chart I was waiting for a strong decline to the daily50 EMA till today, but the decline was not so szrong so Im waiting for a pop tomorrow on the NFP After that a decline could start. So thats why the hourly is neutral. Sofor those who trade withhigh leverage on the hourly I suggest to be careful. I dont know whsts hsppening in the next hours. But if you enter on a daily chart and no problem for you if we pop up to 1300 on s bad NFP report then the direction is short. You just should not get stopped out at 1303. Those who are trading on the hourly will be stopped out at 1280. Howshould they survive a pop to 1300??
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JZA80 chartwatchers
so if you short, there's no point grabbing this baby at 1270 and try to eek out a few bucks. I don't see why it's worth the risk to do something like this. If the chart shows a downward spiral, just short, and hang onto that short position until end of June. Trading this hourly can screw a lot of shorts and longs both ways.
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I have a lot of followers who are trading gold on the hourly chart.
They are overleveraged... If they are just watching the daily chart even if they are short they could be stopped out in stronger pullback. If you read the text below the chart I always write that the medium term (1-2 months) direction is unchanged.
On my account I have a core position which right now short in gold. But I'm also daytrading with added positions and I can save my account from the big pullbacks. Like the one is possibly coming today. Don't think that this gold decline will be easy... The dip buyers , and funds will be positioning in long for 2-3 years. I will ask you if price pops up to 1300 today for a few minutes what your intentions will be. I will be adding shorts at that time what I closed yesterday.
If we just rolling over without the pullback I will sit back and happily see as we are decaying with my core positions.
But I'm always staying 100% protected.
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alanprotrader PRO chartwatchers
Finally price did what you say. I closed the buys before NFP with few contracts lossing 50 pips. On NFP price hit 1293. Today was so frustrating for me. i was scared and decide to reduce loss.
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Dont worry it would rise... It could test break above...
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chartwatchers PRO Sakakikunmakio
Good morning Japan!
I'm not worrying. I'm prepared for tomorrow ( for You it's today).
I was buying when you stopped out at 1270$.
;)
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Nahh iam just sayin my launching pad @1270... But my stop loss @126x... Not worried at all...
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chartwatchers PRO Sakakikunmakio
It was close though.
I saw some Japanese stopping out when we were buying.
;)
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I believe today gold will be break above 1292-1300... But it just my thoughts... Sory eng not gud as well :p
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chartwatchers PRO Sakakikunmakio
Same thoughts. Just don't forget to jump out at 1300...
GOLD - NonFarm Payroll MENU
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chartwatchers PRO Sakakikunmakio
Your english is much better than my japanese...
:D
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A preliminary employment report 2 days ago was under expectations. Gold popped to 1290 it went to 1275 prior to report that day then came backdown to those levels. NFP should disappoint as well. If so, I foresee a similar price action. Do you agree or will Gold hold and not drop depending on the level of miss.
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Nahh I know it just because us sessions opening pushing price goes below... If u think today it must 126x but did not see... Just 2 cent
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It closed @126x I mean
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LMAO... Definitely it wouldb touch 1319 by hourly :)
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Soryb1300-1310
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