With a tight stop I will sell short in gold to tag EMA 200 again. A key reversal candle is forming on the hourly at the trendline. I think noone can tell now what will happen in gold. Looks like it wants to break out from the pennant soon, but we might get a curveball and it goes down one more time to the lower leg of the pennant or at least to the 300 EMA. And there is always a chance with this COT numbers that we break down from the pennant (breakdown would be below 1223)
Only sell this short with a stop at 1247.1. If we break up from the pennant it could have a crazy rally...
Who are still in short with me with the half position can give back that half position with this stop. THe worst could happen we come out with a minimum profit.
Coldblood traders can wait till the lower leg of the pennant at 1225 and take profit there.
Comments
AhmetAlperOzen
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This guy is a gold and oil professional. Must follow. these days the market is very indecisive,
AhmetAlperOzen
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I think shorting is not good idea anymore.
Adrian88
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Hello! Sorry Your trade didnt work out. I got a question about this particular one, You would call it a false breakout if the next 60min candle closes under the upper trend line? If it closes green and the next one is going up we can assume with good probabliity it will be a up trend? Im noob at this, just wanna check if i understand it correctly.
Thanks for Your charts!
chartwatchers
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Hi Adrian,
yes unfortunately we stopped out...
If we come back below the trend line I would say that it was a false breakout.
But I'm not going to short it for a few days now. I'm waiting for a big correction in gold back to 1140-50 starting at the end of March.
I'l be preparing on that one.
UnknownUnicorn351728
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You'll be posting it you setup here? new follower.
chartwatchers
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Yes , I will catch the moment and post it immediately.
Adrian88
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Thank you for the reply, im new to forex and still trying to get a feel for all of this. I'll definetly be watching gold this month.
Anyhow, hope u make up for the loss fast,
cheers!
tcp007
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Thank you for your continued views on gold. I'm planning to stay short and looking for those mid to low 20's.
chartwatchers
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OK, just carefully. ABove this key reversal hourly candlestick what will be finished in 8 minutes we have to stop !