GC1! continues to consolidate below the "go or no go" area. This is bearish and we will look to get short with a much smaller position. LESSON: To do this we will take short signals on a lower time frame and keep stops tight. We booked a nice trade on the wedge break down and are not willing to give it back. It's one thing to have a winning trade...it's...
Gold seems to have bounced off its resistance area and appears weak around the resistance at 1242.8. It is worth going short at these levels with stop loss above 1243-46 and aim for 1180 - 1215. However one should be careful by not risking to much as the USD index has appeared weak the last couple of days and could thus reverse/retrace for a little while which...
Winner winner Chicken dinner! GC1! hit our last target and we are flat. We are still interested in gold but will wait to see if we get any bounces to establish a new position (smaller). If the "go or no go" area fails to hold we will most likely see more downside. Go back and look at our recent GC1! charts and see how this set up and how we managed it. ...
Trading strategy has been described on the chart. If gold breaks the top line then we could possibly be at the start of the 3rd impulse wave.
GC is still working well for us. We like this trade and are still holding for the "Go or No Go" area. We have dropped our stop another level. We are trailing until we get our level or we get stopped. Either way it's important to manage your trades.
We hit our 1st target during the globex session before a large bounce. We have pulled stops down and will look for a test of the "go or no go" area.
Getting closer to our first target. We think we will get it during the globex session or during the morning Friday. Our stops will be pulled down after we get our 1st target. Trim and trail.
Gold dropped hard yesterday through a support trend line awakening the bears. The drop was anticipated as it appears to be a smaller degree 5th wave to finish off the purple 'B' wave. That drop took us to the 78.6% retracement level of the June-July 2014 up trend. This places Gold at a price point where we are offered a good opportunity to buy with nearly a 1:3...
And we are short. We will trim some and trail a stop with a "go or no go" target around the 1240 area.
The price is approaching the defined buy level by the Gartley pattern. A long range bar has formed, this makes me to take the position with more caution. Look for Bullish patterns in the lower time frames, H4 and H1, as a confirmation. Hope this scenario will play successfully. Three Target profit levels have been defined, toward completion of i) 38.2%...
Watching the market during the globex session we have decided to get short on a break of 1271.00. We will keep stops a bit tighter (off of 60 min chart) at the these levels.
GC is getting close. We are watching for an entry. If we get the entry we will look for a test of the most recent low.
We've received a few emails about the most recent move in GC and why we "didn't see it". We saw it but that is a small break inside of a much larger pattern. This trade is not in our trade plan and we choose to look for larger opportunities. Consult your weekly chart...it tells a better story of GC. If this continues to break we will look for entries but for...
Possible Bullish Divergence in Gold, which should end the corrective wave and start the new impulse wave.
As we mentioned...there isn't a lot to do with Gold (GC). It getting close so we are keeping a close eye on this for a big break. No position at this time.