Possible wedge/ending diagonal structure completed.
Possible resistance level and 0.786 ret. of previous big down move up closeby..., so maybe not entirely finished yet...
Looking for shorts on the break of the wedge for confirmation looks like a good plan.
Trade active
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Short from 1274.38, tight SL above the high..., we'll see
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No breakout...
Short added 1285..., will try to square or get first entry BE and leave last one open..., depending on what PA does up until the FOMC rate decision Wednesday...
Feels like fighting the trend though..., but on the other hand I think we could see at least some retracement coming up due to this:
We'll see...
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No strong retracement so far... so last short SL to BE to limit risk..., first one remains open...
If it continues up I will be watching 1290-1300-1313 next...
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Changed my mind..., SL of last short to 1288 instead of BE, tight above the high, loss will be minimal if it goes back up but it has at least some room....
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Silver might give us a clue, the picture is clearer there, possible wedge...., this is silver layed over gold:
Silver idea:
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Daily starting off bearish but still a long way to go before the close, especially with the rate decision later today...., we need a close and hold below 1275 first to get confidence on the shortside...:
Hidden bullish divergence on stochastics possibly pointing to uptrend-continuation...:
Comments
arif_awan
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great chart.
PooyaSalehipour
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very nice setup. its good.
Ronnee
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Hehya, I appreciate all your hard work anyway! Yeah, gold..can still stay in that asending wedge until it peaks or drop now as you suggest. Don't blame ya shorting now though as anything can happen..Wednesday's meeting,no change,may see continue up till Brexit then fall, or increase in rates, would collapse it suddenly, I would say..unlikely to inc rate,against all odds doing so...however, not many chances left with US elections Nov. July may be too obvious if they let this chance go!! Watch hard UK100 to buy back at Vote...could fall very low pre-vote..NZd marking time as well but hanging in there, bit more to be square!! Good luck.ron NZ
Ronnee
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Evening KVE , agree, but I'm waiting till next week, pre Meeting, I'm not convinced they will not inc. int rate! Can still climb to 1305. Even if I miss the top,I feel once it turns this time it may colaypse to under 1200.00, until after Brexit and or elections US. Watch Brit to buy! Came off big overnight, looking to buy here, could go -5500 - 5000 or lower pre Brexit . Finally got NZD/US going the right way! Nearly, all square from my last miss. Haha! Made good pips USD overnight. TP out for me at good level...markets are all over place eh..good to get on the right leg...good luck and cheers for your help.Ron NZ
KVE
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Hey man, I shorted Gold before the close..., couldn't help it..., tight SL, not risking too much...
Too much work updating all these idea's though, maybe I'll get to it this WE...
Current sitrep:
I added a long USD/JPY from today again (106.80, I had one from 106.55 but got stopped out at BE...), still have a long in loss from 107.80 but I made most of it back scalping the hell out of it and closing parts in loss whenever I had profit..., it's reduced to almost nothing now and I think it will be going up some more..., we'll see...
Will try to BE the remaining part of the first entry and keep the new one from today...
NZD/USD I shorted from 0.7022 and 0.7135, I could have closed both for a small profit earlier but I'm hoping to also close the 0.7022 at BE and keep the other one open...
USD/CAD I'm working on getting out of the highest entry longs at BE (1.2817...), I had entered long earlier but closed in profit already, it has been going in the right direction though, should have kept it open...
If USD rallies a little more I should get out of all misses unharmed, fingers crossed...