Small correction

FX:XAUUSD   Gold Spot / U.S. Dollar
95 11 1
It has been a small upward correction only so far. And it is declining already. As the overall trend remains bearish I opened a new short position on Gold             now.
I stopped myself out with little loss, not waiting for 1810 or so. We are forming a hammer candle today after the inverted hammer in yesterday's daily chart which implements a possible larger upward correction. I'll better wait for it now and enter the short at a higher price.
jangseohee motleifaul
After this day we need a confirmation of the downtrend by breaking through the rising resistance line. A break above the falling yellow line(they are forming a triangle) would suggest another a little bigger retracement up this time but not change the new downtrend however. Your stop looks nice.
+1 Reply
jangseohee motleifaul
my lower triangle line is 1181.3, i just put it slightly higher at 1184 but in fact, there is a possibility of price climbing all the way back to that bear flag break down which is around 1200 :-)
we do have a bull here :-)
-1 Reply
motleifaul jangseohee
You can see how fast things are changing. Within one hours time things change from bearish to bullish.
For trading I prefer one direction. The opinion may be wrong - then it will result in a loss which I have to keep as small as possible.
But I need to have an opinion unless there will be no deal - neither loss nor profit.
So, what now? Will it go down to "sub 1000" as 8 hours ago or will it rise to 1216 or 1251 like 7 hours ago. Did you close your short deal and open a long one or do you have open positions in both directions now?
jangseohee motleifaul
1184 would negate my shorts
jangseohee motleifaul
very artistic chart he has, but doesnt seem to work
+1 Reply
motleifaul jangseohee
I think there are to many assumptions in it that have no real reasons in the chart.
But I know that the opinion that we may have seen a shakeout on Friday was popular among some market participants.
Of course one shoud never say never - anything can happen - but one should better not construct the truth but be prepared for the worse as well. So your stopp seemed to have been reasonable today.
+1 Reply
It sound absurb, but there is a change to go sub 1000
might not be small correction, though i have SL
+1 Reply
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