Finally it seems that the bear flag is breaking down in gold's hourly chart. MACD crossed over. The 1210 Zone will be tested again probably.
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MARUBOZU candlestick in the breakdown.
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... and hourly minimum
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I would like to warn those who were using the RSI strategy in gold. It was working nicely till now. If gold breaks down and prints a strong and fast drawdown the RSI strategy will make loss. I would wait while it breaks below 1200 and start to use the RSI strategy from 1170-1180 $ from the oversold levels with a long.
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We are back in the flag again... This bull is not giving up easily.
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Sakakikunmakio
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Ok.. Thanks for sharing i will looking forward...but Keep n eye... Draw trendline @d1 chart... Seem like triangle .between 1280-1246
Sakakikunmakio
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Why ur thought it could reach till 1180? If 1240-35 broken bull will powerless... We did't see 1200 for long time... Massive sell off towards 1111 1080...1000
chartwatchers
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This is Loii's chart. I just wanted to show you that even he's short.
1120 is not out of the table. That's why I not suggest the short for you...
Sakakikunmakio
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Heyy take a look this chart... This scenario will repeat again for coming week...
chartwatchers
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Your forever long friend Loii is also short by now.
:)
If you don't think I'm true just be at the sidelines but pls no long for a month.
They will slam the bulls... I have seen this many times before.
Loii
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we made a flag last week and it went up? how did u explain that
chartwatchers
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Depends which do you think?
We had a bull flag and a bear flag.
The bull flag breaks to the upside
The bear flag breaks to the downside - in most of the cases.
I can't guarantee the follow through , though.
Loii
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i seen many failed bear flags. cant go with just the flag formation to trade on. we're in a 4h bullish channel.
chartwatchers
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I'm not going to fight against 357.000 commercial short.