Update for the previous Idea.
First of all glad that Friday I closed my sells from 1258 at 1240 because had a feeling about bounce up to 1247.
New month data came in and I notice an alternative view that we can have the first move up to 1262 as well that I pointed out in the previous chart.
My first entry is at 1247 that means 15$ DrawDown which for me is peanuts.
1225 is still on the table but it's just late.
New Pyramid again with entries
1247.xx
2nd entry at 1257.xx and if gold goes more up which I hope it does then 3rd entry is 1262.xx
Each higher entry is bigger than previous and still with medium risk so I can handle the heat.
The thing is since we have monthly resistance 1262 and if we reach it first that set's monthly support at 1235. Since our target is 1225 which is a frequency tag target and is stronger than monthly levels that mean's we break 1235, and if we break 1235 we have BIG chance to visit 1191.
That being said boys and girls, we have a chance to catch 70$ move on this monster.
If we finally have a clear rejection, because I am tired of making these pyramids :D and gold finally can do something more interesting than range rover here for weeks, and daily levels start to get bearish we will add on each day's opening - first move up to our sells.
Stay tuned.
First of all glad that Friday I closed my sells from 1258 at 1240 because had a feeling about bounce up to 1247.
New month data came in and I notice an alternative view that we can have the first move up to 1262 as well that I pointed out in the previous chart.
My first entry is at 1247 that means 15$ DrawDown which for me is peanuts.
1225 is still on the table but it's just late.
New Pyramid again with entries
1247.xx
2nd entry at 1257.xx and if gold goes more up which I hope it does then 3rd entry is 1262.xx
Each higher entry is bigger than previous and still with medium risk so I can handle the heat.
The thing is since we have monthly resistance 1262 and if we reach it first that set's monthly support at 1235. Since our target is 1225 which is a frequency tag target and is stronger than monthly levels that mean's we break 1235, and if we break 1235 we have BIG chance to visit 1191.
That being said boys and girls, we have a chance to catch 70$ move on this monster.
If we finally have a clear rejection, because I am tired of making these pyramids :D and gold finally can do something more interesting than range rover here for weeks, and daily levels start to get bearish we will add on each day's opening - first move up to our sells.
Stay tuned.
Comment:
By Monthly +/- 3$ rule the monthly resistance is hit but I still want 1262, a clear 1262.
Comment:
High today so far is 1261,14. My Higher entry was set at 1261,15 and not triggered. I guess you never know with these floating spreads. So I still hope we go back up 1262.
Comment:
We are actually late in tagging the 1225 target, and very slow to get higher, I think this week we will get that 1225, is my guess!
Holding tight. Not willing to build 3rd....4th pyramid! lol
Holding tight. Not willing to build 3rd....4th pyramid! lol
Comment:
Little bit disappointed about 3rd 1261.15 entry... :(
I still hope it returns for it.
I still hope it returns for it.
Comment:
The circus is ON, nothing new. Gold know's the target 1225 but seems that it needs FOMC minutes and NFP this week for that, other than that it is acting like a naive idiot.
Comment:
This fall is a big achievement for Gold, can be considered as a miracle and BIG thing. Bravo Gold, Bravo, can't believe that you move so fast. But I think till FOMC today that's it, let's turn Circus mode ON and play some theatre scene.
Comment:
Gold you are flattering us. Really? This must be a joke :D
Comment:
Most of the bullish accumulation signs and buy confirmations are now deleted, I don't see any now, even though intraday is bullish based on levels gold has made sure it deletes all upside targets. If you remember before we had bullish accumulation levels, and I thought that it would drop faster leaving them up here so then we have a buy setup. Now it all faded away, we have none, so all previous setups like Bifurcation Diagram and other complex analysis levels are now wasted, will see do we get something while dropping down, but so far seems that buy from 1225 will be invalidated. Watch out at 1235, but since 1225 1220 is the target that just means 1235 will be REKT anyway so 1191 can be a good target. Once again trading is dynamic things and things can change rapidly, what today is a good support tomorrow is trash, what today is a good resistance tomorrow is trash, so don't make it static. We can fall down and stop at 1235 which is supposed to be a support and the next day 1235 is nothing.
Comment:
Gates to 1236-1233 open since we broke 1245 downwards by 1$. All should be okay, just patience since we have gold in Circus mode.
Comment:
After recalculation 1253 was small target if we refer to intraday trading like I used to do and analyze these moves, but gold made sure to reach it right away, it's just not leaving any signs so far for upside. Means if it drops, I don't see yet a reasonable buying from that 1225 like I saw before.
Comment:
I was not at chart's the whole day, just now saw what happened and read about Syria stuff. This one gone thru the roof a little bit, my entry at 1262 got triggered but it went thru so fast that it actually opened at 1264, 2$ higher, seems that at that moment 1264 was the last feed broker received on this volatile buying. Well overall it went more than 8$ above 1262 which was not good of course, all I hope that you guys survived this and everything went well, if not I am sorry. We can talk a lot about wrong or right, at some point of course this is not the best analysis and situation that can be, but overall right now I am in + because in pyramid 1262 was the biggest entry that now covered absolutely all lower entries.
Things went little bit nuts, but if you had calm positions as suggested within the pyramid body, then there shouldn't be a lot to worry about.
One more thing to Perseus I like his comment, the guy has money, I don't understand what it has to do with money here in order to withstand drawdown?
If you have a 1M account you open 100 lots, if you have a 100k account you open 10 lots, if you have 10k account you open 1 lot. Every account doesn't matter how big it is can survive drawdowns if positions are opened with great risk management. A person has money or he doesn't have, why does it even matter. You have gazillions in your balance or you have couple hundred bucks...
Have a great weekend.
Things went little bit nuts, but if you had calm positions as suggested within the pyramid body, then there shouldn't be a lot to worry about.
One more thing to Perseus I like his comment, the guy has money, I don't understand what it has to do with money here in order to withstand drawdown?
If you have a 1M account you open 100 lots, if you have a 100k account you open 10 lots, if you have 10k account you open 1 lot. Every account doesn't matter how big it is can survive drawdowns if positions are opened with great risk management. A person has money or he doesn't have, why does it even matter. You have gazillions in your balance or you have couple hundred bucks...
Have a great weekend.
Comment:
Bullish accumulation is back in the game. Aggressive buying will be lurking on gold
Comment:
All positions closed with BE ( with no loss nor profit )
Don't wait for new posts from me, Good luck in your trading journey.
Don't wait for new posts from me, Good luck in your trading journey.