Updating my earlier analysis for gold with a potential long trade scenario. I am looking for a pullback now towards the broken 200-days SMA before going long. Buying near the current levels is risky and unacceptable in terms of isk-reward and money management.
Motives of the trade -Gold has completed a head and shoulders bottom -Gold had broken the major 200-days SMA - A new series of higher highs and higher lows was established
Good luck
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This could turn out to be a hard call to be honest. Untested resistance at 1230/1225 levels, although 1250 too is a strong level. A scenario I see, is a bounce from 1250 which could potentially trap longs and then a decline to 1230/25. I'd prefer to buy from there with a tight stop just below the left shoulder targeting 1300. Of course, all depending on whether a good bullish candlestick forms at 1230.
P.S: Gold rallying??? Are we gonna see a major short squeeze in Eurusd??? I keep telling, SNB is just one part of the puzzle. ECB will be filling the next. Risk averse traders should probably close their trading terminals this week considering US data is total null.
Technician
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Whats going on with the euro is extreme, and its really overstretched in my view, i think yeah it could be close to good pullback now..(that doesn't mean am bullish euros, i just think to far to fast) .. Talking gold and this pattern, this is a framework for a trade, its not the trade itself, I will be eager to long if we see a pullback towards 200 days SMA, but as usual i will wait for a confirmation, for example a hammer over the four-hour chart.
A-shot
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Im sensing fibonacci aint gonna like this retrace-less run...
HexVex
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Compared to last year... Yep... You haven't been looking at the smaller time frames... So far ;)
justatrader
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Missed the boat :(
No for this week. Incidentally bought a few books. Might as well get back to some reading. Disappointing week. Monday was nothing. And today things just sneaked up and its a bit too late to get in now with BoJ tomorrow and ECB on Thursday.
(Icing would have been NFP on Friday, Greek elections over the weekend) Lol!!
Good luck and trade safe
Technician
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Yeah mate, missed this, it was quick, and I was too conservative. Anyway, trades never end yeah ...
tradingview.com/v/yrc2gk5U/