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.
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...
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.
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...
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.
Flip a quarter...it's getting whippy in the middle which means we are getting close to a direction. We are keeping a close eye on this for a big break. No position at this time.
After my last corrective count was invalidated; it now seems that a bullish impulse wave is in process.
We are right now at the start of the 3rd impulse wave which should take price to 1340-60 region.
Note: 1293-95 must hold for this count to remain valid.
We are choosing to to stay out of GC1! for the time being. While the break of the descending wedge was tradeable...the action has been whippy and the risk has been hard to identify. Look at the larger wedge building. We are keeping a close eye on this for a big break.
My previous Ew Count is still in tact as long as we don't get a close above 1312...& if this is true then the next leg is very bearish (target c).
However it is always good to do an alternate count... and according to that it is possible that a new impulse wave structure has started; right now we are in a symmetrical triangle (which could be either the first or...
Considering whats been happening in metal this week starting with the Monday massive dumping of gold futures, this duo is surprising resilient, especially silver. As mentioned before, COT shows aggressive GC net short by commercial suggesting this down move will come, no surprise there. Question, is what's the reason for the massive dumpings starting Monday? If...
