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.
Comments
motleifaul
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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.
jangseohee
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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 :-)
jangseohee
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It sound absurb, but there is a change to go sub 1000
might not be small correction, though i have SL
tradingview.com/v/dhW7DU7Y/
motleifaul
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I agree completely.
motleifaul
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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.
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
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1184 would negate my shorts
jangseohee
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very artistic chart he has, but doesnt seem to work