$GDX Looks to me like it is going through a 2 and half week to 3 week consolation cycle before continuing its rally, that started with a breakout and subsequent bull market end of January, start of February. (Which was right about when I got into trading more seriously.) I am unsure of which way to go here. This Brexit thing has been an incredible learning curve ...
Futures didn't get any higher after US Close. I am looking for a big short soon. Miight see a few bounces between this latest channel. Rate Hike off the table, UK Out of Europe. Severe capitulation in most FX pairs - Down down 600 points. This could be bad over the next week, maybe even sooner if some big bombshells get dropped.
A lot of bearish Gold charts getting thrown around.. BUT, GOLD is still In an overall uptrend and the only thing that will change that is what the market makers do Thursday/Friday. I am taking long positions and selling on rallies - A lull in volume suggests it is waiting for its next big move - Probably U.,S open -
Nice to see things like this. Gets me excited at whats coming next. Gap fill!? Rally? Remain take the lead once more in the Brexit polls which could potentially mean more upside for Stirling today. I am personally out of *All* FX trades and many other instruments until after news break of Brexit result. Too much volatilty and risk for a new trader like myself! ...
We have to keep instruments like this under a close eye over the coming week. Although a lot of indicators and paterns pointing to a breakout, it is clear that Brexit worries are keeping it down for now. I expect it to be a flat week until Thursday evening/Friday Morning of the 24th. Neautral But I like the repeating Head & Shoulders bottoming patterns!
RSI says oversold but everything else says it has further downside to come. Might not last long but for now I am short. 14th Candle cleared it of is vital MAs and it's probably got more room to slip. To the upside it could test 68 again and bring RSI up to 50 again before the trend continues. We will see if it gets rejected from here on Monday
Overall It is still quite bullish but the current EUR markets are waning on stocks. In fact most stocks were in the red today for the most part. Just goes to show that its good to get some solid confirmation before placing any trades Would of got done for some nasty slippage if I had gone long Monday!!