Dollar daily chart With the dollar making new highs today, One has to wonder if the count was wrong. If the count was wrong and we are only in wave 3, which it is starting to look like, then we could go up to 103 before correcting down to the newly made strong support. That would also make sense for an even higher wave 5 into the end of January which would...
Daily Chart Well so Far so Good. We still have room to run, but to how high? I measured the height of this move over the last two days. Then I extended it and it reached that resistance area up around $12.27. My thought on the issue is that tomorrow will kind of give me an idea of how the next three or four days will go. Today was very promising. The...
There has been a near .62 correction in the recent rise earlier this year (see 2 hour chart) and price appears to have bounced up off a potential "resistance becomes support" line. On the 2 hour chart the recent down action also has reached the downside of the channel. The daily RSI shows a positive reversal followed by a bullish divergence which as I have...
Similar pattern to the JDST Necklace pattern
OANDA:XAUUSD will bounce off of the .50 Fib around 1212, which is also a support. If I see the bounce I will be going in on AMEX:JNUG , otherwise if it breaks below this point I will be shorting it with AMEX:JDST .
This chart shows the relationship between XAUUSD and USDJPY. You will also see how gold is more volatile and the movements can become exaggerated. It is these exaggerated overbought and over sold movements of gold that make excellent short term plays. Longer term plays should be made by studying the movement of USDJPY as it cycles through it's waves. Happy trading!
Look for the blue flag to form in the red bear flag.
Daily chart WOW! what a drop! And with a pretty strong close. Huge sell volume. But my $6.35 buy order did not get filled yet. So I am going to wait. Look at the oscillators and compare them to the October 5 - 7th price action. Hints that we may hit that line at around $6.25. And the COT report cut off is this coming Tuesday so we could bounce and then...
Green is a proving grounds for will the price say in the red channel we have created since august/september. If it breaks, adjust, if not look for drop to 9-10$ range.
Daily Chart If Trump wins tomorrow, (and I have this strange feeling he will), then gold should shoot up in a similar price action pattern like the June Brexit. It will probably gap way up, maybe even fill the gap, and then pull back to the bottom of the channel by the end of the week only to climb for the rest of the month into December. If Hillary wins,...
All is on chart. I'm still long from Friday. This is just some facts to watch. Not truly at trade until patterns are complete and not blown thru.
GDXJ hit resistance at the gap $42-$43 and has been consolidating for the past 2 weeks. Orange trend-lines show the bigger consolidation pattern. Pink trend-lines show the smaller consolidation pattern. Both are in a potential bull flag formation. Accumulate at the bottom pink trendline for better risk/reward. Short term target is 44.
Daily chart So just as I thought, a huge huge GDP report. And no I am not one of those people that thinks that it was priced in or anticipated to be a good report. If you follow along with stock twits, almost everyone (sentiment) was thinking that there was no way we could get up to even the forecasted 2.5%. But 2.9% is really a surprise. Yet we went on a...
@robus pointed out something cooking in the 4H. All is on chart. PA is wild recently so use care.
ALL IS ON CHART... GOLD (AND OIL) HAVE BEEN BLOWING THRU THE REVERSAL ZONES THIS WEEK,- SO MAKE SURE TO WATCH CANDLES/TA DURING THAT TIME AND AREA TRADE SAFELY.
Close enough for me. I am buying JNUG here. If it goes to $9 so be it. I think the ICL is so close here. Once in place this stocks will rocket higher. The USD just kicked the upper trend line and hopefully reverses is one reason. The RSI is very oversold and moving higher!
XAUUSD is getting very long in the cycle without any significant movement higher. I was originally expecting an ICL blast off following the gold candle pattern. BUT, because we are so late I think we get a muted 4th DC here. We may go as high as $1293 and then a drop to a double bottom at $1198. AB=CD. Long for now, because I bought miners at the low on 10-6. I...