@cengineer16, Wave Trading Rule #1: don't trade against the trend in the same wave. I am a big fun of projack and I agreed the XAUUSD bottomed on 12.23. Right now, gold was deemed a bullish intermediate wave towards 1270. Although it might decline in between sub-waves, in general, it is not shortable. A Wise way of doing that is cutting/decreasing your long position at a relative high. I hope it explains.
BjornPfaff
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@XiaoLi, wrong , with rate hike decission tomorrow gold will come down temporary , 1214 1215 is max up till then. I dont know how long you trade with your waves but gold will not push above previous high without yellen
XiaoLi
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@BjornPfaff, rate won't hike tomorrow. By the way, FOMC meeting decision will come out this Thursday instead of tomorrow.
BjornPfaff
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@XiaoLi, The news is tomorrow , no rate hike maybe , but gold is not ready to break previous high my friend , need to get lower first before getting higher , always is and always will be ;-) good luck
@XiaoLi, With your tools, it could be wrong but Jack is using Harmonic requirement to plan for this trade. WHO KNOWS WHAT HAPPENS TO THE MARKETS ??Everyone have their own tools to plan their trade and THE FIRST RULE IS STICK TO THE PLAN AND TRUST THEIR TOOL.