tntsunrise
Short

LIBRA PATTERN For GOLD ( Monthly Income Trade)

FX:XAUUSD   Gold / U.S. Dollar
11206 54 182
LIBRA PATTERN For GOLD             ( Monthly Income Trade)
The Timing and the Location are just nice
I am going to short gold             with multiple entry
1285,1290,1300
First Target: 1206
2nd Target: 1171
3rd Target: 1135
SL 1310.50



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Dear Jack,I want to know how you setup your TP for 2nd and 3rd Target? Is there any resistance on the price? And I think 1271 might due to D1 200MA
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I just splurted my coffee out on my desk!
+9 Reply
marcus123 Trendhopper
?
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so stop will be around 1305-1307??
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Just to learn little bit, wouldn't a climb to 1300 invalidate the libra pattern?
+1 Reply
Trendhopper IAmAgainst
I had the same question....maybe there are other reasons to short at 1300????
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Loii IAmAgainst
it should. this is similar to head and shoulders. at 1300 or above is pretty much invalid.
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We'd still have a double top, but I mean.. not a libra.
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Loii IAmAgainst
yes possible retracement if ur a scalper but i think we might go higher.
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tntsunrise TOP IAmAgainst
true, it may happen, that's why we need to set SL. we cant' assume that the LIBRA pattern will work every time
+2 Reply
IAmAgainst tntsunrise
Yes, but I mean if you are already counting on a possible hit to 1300, is it a libra pattern what you are trading? Or do you simply see the buy exhausted and you are considering all of this zone a potential reversal zone? I do see bearish divergence in volume..
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CalGreens IAmAgainst
I have the same idea too!
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why very few of comments? No one Agree or Disagree..?!! Anyway, i'm in :}
+1 Reply
Not now, 1300 with SL 1325, would be right spot
+1 Reply
the first 2 entries were hit already
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good to see that tntsunrise has posted a possible libra pattern......i m already frustrated on how XAUUSD playing on us.....i have lost alot while doing short . i thought there was noway that the gold can go more up ...but it did....i don't know what the hell wrong with gold ..and why it is too strong and destroying all the prediction and patterns...
+1 Reply
This horrible that currency, does not respect anything, I aim to go bankrupt
+1 Reply
eager robson_trader
Welcome aboard mate.....
+1 Reply
must respect the market. i short last friday, first target hit, rest position stopped out with break even
+1 Reply
waterfall
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chachacallis Charles.Yang
too early to say that its a waterfall . wait for the trendline to break
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eager chachacallis
i m waiting too.......
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Down in 1272 I believe that initiates the downward trend
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1278..already..
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This is how I see it and why I'm holding my longs.
snapshot
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andreedbert sacrelege
agree with u, 1300 for test...
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sacrelege PRO andreedbert
thank you. if the summer panic effect kicks in, this thing is gonna fly - but letz get not ahead of ourself and see what the market does. But I really don't see dat "monthly income trade" - at least not yet.
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Gold all the way up up to 1400 and above this month , good luck shorting
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Dear Jack, would it be possible that the fear of the Brexit referendum will keep bullish gold, despite technical Analysis ?
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tntsunrise TOP val_trader
possible
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isaac312 PRO tntsunrise
Anton kreil, the former prop trading desk in Goldman sachs, JP, and Liman, now HF manager said,
Never generatetrading ideas from chart and no intra day trading, statiscally saying its not working, he is in Singapore now. Do you have any though on that?? Master, Curious about how credentiability would you give to this chart 1-100percent??
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Hi Jack, is H&S and Libra Pattern are same. Your trades are awesome. What your view about silver?
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shouldnt gold go up before brixt ?
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I don't see gold dropping that much when there is high volatility on its way
+1 Reply
With you on this trade all the way, Jack. Thanks
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I think we are going to see a double top at 1303 or if that breaks than 1320-1330.
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THE TRUTH

For Gold to come down...its simple..

1..pay attention to Thursdays Fed decision...most likely to hold rates, so gold will stay high...(if by some miracle rates go up...gold will tumble very quickly)
2. then pay attention to 23.6...BREXIT...if Britain pullout of EU gold will go up due to panic.....if they stay in (buy GBP...FTSE 100) forget gold, as BREXIT is not the reason gold is high.!!!
3. Gold will only come down after next wave of job figures...NFP in about 2/3 weeks from now, NFP is the reason gold is around 1300 !!!

So don't touch Gold now. you may make small margins...but no waterfalls..its going sideways and up a bit...
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I think it will make double top at 1303 and then fall or if it brake 1303 it will go 1320-1330-1340.
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What are the chances that price will be 1303/1304 at time of Fed decision?
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EricBuss Trendhopper
slim..:}
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Still valid?
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stop hit
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Stop loss taken over 1310
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OK got kicked out on SL. What do you recommend go short again or wait until we see what s happening?
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CLOSE TRADE SL 1310.50
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it took out yoiur stop but I stayed with the trade
+1 Reply
IgorK mshuaibi
the same))
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Finally happening..?
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Just wondering what is your next step for gold based today's price action(price from 1315 back to 1278), Jack? Good for short?
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Hi Jack, your trade still looks good, just SL a bit higher or in right now,... looks good to me. Hope you are fine as I have not heard from you for a while?
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If something is so conflicting and impossible to solve, simplify it. BUY GOLD...stay with the status quo.
+2 Reply
Would you say this is valid with the proposition of the brexit pulling the USD down with it, hence gold would move up in price?
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Is this trade still valid?
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