chartwatchers
Short

GOLD - short term selling

FX:XAUUSD   Gold/U.S. Dollar
179 5 12
9 months ago
I give one more chance for gold             to come down to the lower leg of the triangle.
The upper leg was tested this night.

MACD had crossed over. Stocks are up. Dollar is still heading down today.

Because I don't want to lose on this one - and I'M not sure we can come down to the triangle lower leg - I'll take profit on the half of the position at the 200 EMA (1225.61) .

STOP : 1249
9 months ago
Trade closed manually: Closing half of the position at the 200 EMA.
The other half I will be waiting to tag the 300EMA and the lower trend line.
200 EMA is at 1226.23 now. I'm going to close the half of the position there.... 5$ more to tag 200 EMA.
Unbelievable how the pennant is working.... We just tagged the upper leg of it.
The dollar sttrengthening was a big help in this short....
Reply
tcp007
9 months ago
So that I can hopefully understand better, are you maintaining a short position until price hits 1249? I'm wondering if we've seen a price reversal already today as 1237 seems to be offering some resistance, but I am VERY much a beginner and hoping to learn from pros like you. Thank you for sharing your ideas! I very much enjoy reading them.
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tcp007 tcp007
9 months ago
Sorry, I should say close @ 1249.
Reply
chartwatchers PRO tcp007
9 months ago
Half of the position is closed at 1225.61
The other half has the stop at 1249.
What I think that in the last hourly candle a big player was positioning for a long, that's why we couldn' t tag the lower trend line.
But technical traders are not buying , so we have to go and tag the lower trendline and then it can go up. The maximum is where we can come down is 1222-1223. And I'm done with shorting gold.

I think when the dollar turns down - EurUsd up- gold is going to break up from the pennant. I will post a chart soon.

But the main thing is for you: close these shorts around 1222-1223.


Reply
tcp007 chartwatchers
9 months ago
I sold a long yesterday and bought short. Thank you for your expertise. I will keep watching and learning!
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