Strong momentum to the downside with 12 red candles in a row showing up on the 5 hour charts tells me one of two things..1) A short squeeze is coming at the 1320 demand zone and we're going up or 2) we burst thru to the down side with confirmed close below 1318 and retest the old demand zone at 1307. My previous short target has been hit from the supply area all...
The time for a decision is approaching. Most retail traders if not the majority are increasing there long positions over the past week and they tend to be wrong according to an article written today by dailyfx. gold reaching new records on volume what do you think we're going to get out of this ?
I stick with my original plan that i posted a few days ago that gold can retest 1320's. buyers were previously seen below 1310 (left box) and gold has since been trending up but i believe new buyers can come in between 1318-1320's (right box) for a breakout before may (if one does happen)
I think eurusd is a short here buyers seem exhausted and gold looks like it made a lower high. very risky play seeing the momentum is to the upside that is why my stop loss is .124140 and TP is 1.23170
Failed attempt to breakout of 1360's is telling me we might have a chance of seeing mid 20's again to reload. Also note price of gold hasn't closed over 1349 in 13 weeks which if it does we could have enough momentum to retest the highs :) I'm short short-term and long for the year. I'm taking this because the buying was mostly fear driven.