I am not the one to be calling tops and bottoms for major reversals but in terms of intraday, we have had such a busy movement so far this week. My point going against this momentum is simply a deviated random price in which the market had decided to close BULLISH on a daily. I believe there is so much more room to scalp back into range and just keep flat for a few days. The news on the US for inflation is what mainly drove the price to the 1740s area, now you see if this was really a big thing we wouldn't be closing in a range zone, we would be closing much higher if it was that big of a deal. Therefore I find it in the right mind to go for a short. I don't like calling these positions but it's true, we have scalped between the 20 and 30$ range, I expect to look into another range market coming tomorrow. The psychology kicks in once again for those who are looking at higher prices or even lower prices during the European session on 13/04. Calling extension zones I feel is riskier than placing reversion mechanics into the market. Trade safe and once again if you're looking for the extension, stop losses must be very tight because holding this top would be awful if the price goes down.
Another note I want to add is to be careful how you take in market news, sometimes the news works against intraday market trend once hysteria dies down. The market would be efficient if we see the range. This is a short term view of how price may go and not a major reversal signal. Trade cautiously.
The stop-loss price is an indication that the trend will be bullish from there on, therefore I am looking at this position as a way of retracement back to a managed risk price before any closures.
Another note I want to add is to be careful how you take in market news, sometimes the news works against intraday market trend once hysteria dies down. The market would be efficient if we see the range. This is a short term view of how price may go and not a major reversal signal. Trade cautiously.
The stop-loss price is an indication that the trend will be bullish from there on, therefore I am looking at this position as a way of retracement back to a managed risk price before any closures.
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this has been quite a shocker, still in and hedged at 1753 zone waiting to see any more upside movement
Comment:
okay now time to talk about this position, I am currently looking at retracements of the 1753 area to take stop losses. Whilst long positions from 1753 have been closed at 1764 and 1774. 1753 is a long term area I believe we will reach but it will take some time to get there.
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Also to add, the 10 year I am expecting the yield to slump again before any recovery, therefore Gold may spike again but it is not certain. It is quite a mature first month I do expect pullbacks since most of the bears are out the way.
Comment:
Very tough market conditions at the moment still monitoring
Trade closed: target reached