Downtrend retraced

FX:XAUUSD   Gold Spot / U.S. Dollar
101 3 1
We are still in a downtrend. People are talking about bottom. So do I sometimes. But one should not forget that we are in an existing downtrend which will not end imediately. Thus we can use spikes up for selling.
Trade closed: target reached: It looks nice, doesn't it? I am taking a first profit leaving another portion of the position short in the market.
Trade active
Trade closed: target reached: The fluctuations are heavy. I am taking some more risk out and some more profit in now :-), but still leving some portion short in the market.
Trade active
Trade closed: stop reached: It was good that I have taken the profit. The remainder has just been stopped out, so that there is no new profit on it.
Nevertheless it was a fine deal with profit, anyway.
XAU SSI +2.43, I assume all those bulls loaded currently will burn down next Wednesday on Fed interest rate hike :) Imagine really bad case when gold drops all the way to 700$ ... I'm BEAR GOLD now
+1 Reply
You are quite right. The bulls worked for us. As they fear the Fed they closed their trades before the session. That means that gold declined. They are cautious and by this way they help the bears. This enabled me to take some good profit today. I got 1 like only but made profit. They get tens of likes and make loss. Can you guess what I prefer?
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