It's not going to be a complicated trade. I'M watching gold's RSI 6 for around 12 years. This oversold level is quite rare. Actually we dropped to 0,1 (!!!) So I'm trying a small countertrend trade. This is going to have a small margin impact (3-5%). The decline is not over yet but we will have a bounce here. Maybe 5$, maybe 8$.
You don't have to take this trade! We might just consolidate sideways and there could be only a 2-3 $ pop. I will short gold again in a few hours.
Entry : 1221.4$
Check out RSI in the past....
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Not touching the miners positions !
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OK. Let's start the bounce!
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Someone just had run the stops ... A nice divergence is under construction.
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Divergence in RSI
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Waiting... 50EMA is still possible.
Trade closed manually
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1228,20
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Close enough to the 50 EMA
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I usually don't scalp... this trade was successfull because the bullion banksters were on holiday yesterday... Today they are back so get ready for the volatility again. I want to wait if they create a bullish momentum above the 50EMA to stop out the night shorts and pull in more bulls into the false rally. I'm waiting for a short entry now.
Simply outstanding. Your knowledge, timeliness and ability with market behavior is simply amazing. Watching the bounce now at pushing hard against 1227. I am so appreciative to learn from your abilities and benefit from your insight. Eagerly anticipating a new short entry when this bounce reverses. I've seen other comment on your "over confidence" but the past 12 month of your spot on insight and timing into oil, gas and gold has been stellar. Well done.
RobinChong
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@e12568, Today could have alrdy been the top for this bounce, its looking like a bear flag for gold
RobinChong
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Looking like a perfect bear flag on gold
mvhoang2001
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Hi Apri, I have a question hope you can answer. How you apply RSI (6), and RSI (14)? If I'm not wrong you are using RSI (6) with hourly chart for scalping only. Thanks so much.
psp
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Great trade. Thank you for sharing
rafalo
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Any update on this idea?
brebro
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I am following. Got out of all the shorts and went long as you recommended. TP @ 1225 w trailing stop. Do you think that should be 1230?