chartwatchers
Short

GOLD - Massacre after the false swing

FX:XAUUSD   Gold Spot / U.S. Dollar
3435 30 48
It was a nice day on the short side at GoldStreet. The menu was toasted bull.
We are getting close where I take profit on my shorts ( from 1315 to 1300$) But not opening long yet - I will explain later why
In the night we had a false swing in the Asian session ( price run above the previous 3 day's high). A lot of Asian bulls were buying the breakout. They had to cover their longs later 20-25$ lower.
I set this post as a "short" though I don't recommend to short it. It's simply too late.
The time when I was going short was at this post:



So we are heading down the question is how far.
The daily cycle could bottom at the 50 EMA this week(red) or could bottom next week at the FOMC if there is a rate hike (blue).

I've made 70$ on this short trade so I don't want to risk to get caught in a bull run out of the DCL. So I'm closing the positions between 1300-1315$. I will wait the FOMC meeting before opening any long position.

I will not open this long at the exact bottom, but at least I dont have to survive a drawdawn from 1300 to 1260$ if Yellen's slaves vote for the rate hike next Wednesday.



All that was gained has been erased. Could it be that we have seen the bottom?
Reply
dsab USSRandolph
I don't think it will go up yet, I think we will get a red candle that wil go back down all the way to 1307.19, but is also possible to go up all the way to 1354. I think this is a false break-out and that this will drop down all the way back to 1307. So this week will end in red. I think the bears are pushed out of the market, before the next short cycles begins. But we will see good look trading!

Ps: maybe is better not to touch this one and look for other trades for now, nobody knows what the market will do.
Reply
ok14 USSRandolph

certainly can bottom.
Many have seen the goal . slightly not reach , it is often
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Agree with both of you. Caution is always the watchword
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Why do you come here to bash others? That's not helpful. If it's not to your liking, why not find a place that is.
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USSRandolph USSRandolph
I closed early too... But I still got 20 pct.
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Today if still bear last support is 1280
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So much noise. Keep it simple. It's all about fiscal policy going forward. Adjusting MACD would provide color, Slow Stoch is counter to MACD indicator both lagging adjust MCAD to the proper settings with Fast Stoch can provide perspective 1425 handle before 1300 . Easy to call 1300 when gold at 1315. Have a good and profitable session.
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Quant Quant
snapshot
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I called it 2 weeks ago at the exact top.
+1 Reply
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