Trend Following on multiple time scales.
ABC corrective pattern apparent.
Stop Loss 6.53
Ideal entry about 7.10 to 7.37
5 Feb update: Pattern hasn't failed yet. But SL is now 6.91
No wiggle room left!
Wish I could edit the chart.
12 Feb 2014
Ideal Entry is NOW.
Still wish I could edit the chart.
Using Canadian ETF's there is a good setup for a high risk/reward ratio based on Gold price changing up or down.
If it stays the same, you loose.
Assuming Gold goes up to HBU above 10.45 buy the HBU, If it goes down below 10.11, buy the HBD
If you bought HBU, target is 12.45, with a stop loss of 10.11 for a Reward ...
Trading idea of following the trend of a trend of a trend.
Cyan line traces the continuous daily high's and lows.
Blue line traces the continuous higher highs - higher lows or
lower highs - lower lows of the cyan line
Purple line traces the continuous higher highs - higher lows or
lower highs - lower lows of ...