Consider Waiting for Bounce Back up to 20-MA in Daily to Short
I'm expecting sideways price action between $1,445 and $1,465 for a while before a definitive decision is made in the market to continue up or go down to the Yellow 20-MA in the Monthly at $1,360. It's simply too hard to say what it will do for the long term at the moment because I have no idea how deep the White Energy will go below the 50 percent level. The White Energy is currently at 50 percent in the Monthly. So, we may experience downward pressure the remainder of November; keeping Gold within a sideways trading range of $1,445 and $1,465.
We do see a possible chance of reversal to upward pressure on or around November 15th. Yet, it's hard to say that will be SUSTAINED upward pressure because of what we see with the White Energy in the Monthly TF currently at 50 percent level. So, you can use my indicators in the 12h and Daily TF's and wait for the White Energy to exhaust and turn up in the Daily to go long. However, be prepared for it to potentially die out at the 20-MA and potentially turn back down to go short. Don't forget your stop loss when trading.
Sometimes, the best trade is NO TRADE and wait for things to be clearer within the indicators. If you allow yourself to get to anxious when the indicators are not as clear, BIG mistakes can be made. So, when it's unclear, it's best to be patient in my opinion.
We do see a possible chance of reversal to upward pressure on or around November 15th. Yet, it's hard to say that will be SUSTAINED upward pressure because of what we see with the White Energy in the Monthly TF currently at 50 percent level. So, you can use my indicators in the 12h and Daily TF's and wait for the White Energy to exhaust and turn up in the Daily to go long. However, be prepared for it to potentially die out at the 20-MA and potentially turn back down to go short. Don't forget your stop loss when trading.
Sometimes, the best trade is NO TRADE and wait for things to be clearer within the indicators. If you allow yourself to get to anxious when the indicators are not as clear, BIG mistakes can be made. So, when it's unclear, it's best to be patient in my opinion.
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6h TF:
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3h TF:
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6h TF:
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The trading range is likely to be very tight for a while with little swings up and down within the 6h TF. Which means the amount of leverage you use should be set very low.
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6h TF:
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Odds are likely we continue sideways a bit based on what we are seeing with the White Energy in the 12h TF. We may go back down to test $1,447 again in the near future.
12h TF:
12h TF: