jackmyattFX
Short

GOLD Potential Shorts.....Don't jump the gun

FX:XAUUSD   Gold / U.S. Dollar
3638 15 80
-Heavy selling pressure as you can see from my arrows
-1370.00 proved to be really strong resistance
-Downtrend starting to appear
-Descending wedge
-Break of significant trendline daily candle break and close
-Multiple targets
-Target 1 coincides with .0618 fib retracement

-Be careful of this blue box area as this has the potential to hold as support
-To be on the safe side you could wait for a clean break and close of this box to enter
Trade active: 700 plus pips....I've been adding to shorts regularly, descending triangle here.....Break and close of this level of support then we add more shorts

snapshot
Trade active:
snapshot


This is how it ended up with the break to the upside.....simple
OK, based on your chart, there seems to be something crucial happening on the 18th October 2016 ?
+1 Reply
Or 14th October 2016 based on this article: http://www.bloomberg.com/news/articles/2016-09-13/there-s-a-300-billion-exodus-ahead-as-new-money-fund-era-dawns
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that means: Gold will be the new "refugee home" for money managers & everybody will buy into the precious metal :D
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Definitely I will enjoy the ride down & I would love to see that... All the Best !
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When Gold Price Will Recover
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Perfect!
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Are you saying short around the 1273 area ?
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such a shame you decided to keep adding shorts along the way ahead of the election, would've been a nice trade without all the dd
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jackmyattFX TheBanker
@TheBanker, Was a very profitable trade mate. My rules mean that profits are taken consistantly. Great trade actually
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TheBanker jackmyattFX
@jackmyattFX, hats off to you if you held, something tells me you couldn't stand the heat between 1250 and 1336
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jackmyattFX TheBanker
@TheBanker, hahah yes I know what you mean but my risk is always strict so in any case I'm happy for it to hit my stop and move on to the next opportunity :)
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jackmyattFX TheBanker
@TheBanker, Did you take any positions on GOLD
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TheBanker jackmyattFX
@jackmyattFX, well fairplay my friend, round of applause for this! i caught the 1307 to 1225 free-fall, keep up the good work!!
+1 Reply
jackmyattFX TheBanker
@TheBanker, Thank you mate and you your charts always looking great
+1 Reply
congr8s mate. good one. thanks for sharing your opinions. much appreciated.
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