This setup is just simply BULLISH!
You only have two questions in a market. How much you buy (size and leverage) and when do you buy (timing and risk/reward)?
Why to think about about reversal? Why to question the trend? Why do people want to fade something and always try to call the tops (or sometimes the bottoms)? ... Well I know the answers, do you?
It is completely useless to question a trend, just because you see a pull back, or a minor wave down. These are normal in all trends. Of course 90 % of people calling themselves "traders" would always love to see straight price actions lines up and down, and would love to find the perfcet Holy Grail indicators to catch the exact tops and bottoms.
Actually there is a straight line up: the :-)
When will the trend exhaust? When it can't make a higher high.
When will a trend reverse? When price makes a relevant lower low, and it trades below long term averages?
So if you want to call tops and bottoms, good luck. Meanwhile I've been long Gold at 1120 avg. Sometimes I did partial sells, and sold some calls, but the core exposure has been long. And guess what, I am buying more!
Some tech update:
- Weekly counter trend price action is not really strong. We still have good support at 1280-1300.
- Daily: Price still at Kijun support, it couldn't close below for last five trading days. Next support below Kijun is 1280-1287.
haDelta shows .
- It is easy to see that where price action could accelerate again: above Tenkan Sen 1328.
- Weekly minimum target is still ard 1400-1440.