Zaiteku7

Zaiteku7 Updated 

A drive back up to 7,000 will be quick but it may be short lived. I still think a challenge back down to 4200 is possible before the next major bull run. My long is in position from this V bottom to target 7,000 and then I just let it ride for as long as it would like to go. There is a lot of political pressure to recover the market, a hard recession will hurt a...

Zaiteku7 Updated 

Gold has broken the psychological barrier of $1,300 and the key support at $1,295.there is downside room to $1,236 and no signs of buyer support anywhere. On the hourly there have been 4 re-tests of $1,295 that have failed with lower highs and accelerating lows, this is a string bearish sign. Good low risk entry to add to this trend. New short from $1,290...

Zaiteku7 Updated 

Round two - Gold is forming a double bottom on the $1,306 resistance after failing to follow through on last weeks rise. Coupled with EUR/USD reversing, this is a strong bullish sign for gold. Today looks like a possible PIN bar off resistance after yesterdays whip. On the 4 hour, the double bottom is clearly visible and the previous down trend channel is clearly...

Zaiteku7 Updated 

The Euro has topped its pullback from recent lows at 1.21400 and is now free to continue to drop. Of course, its the USD strengthening ahead of Tuesday's FOMC. Is it possible the long term monthly bull rise has completed and we saw of ICH? If yes, this drop can be significant. On the hourly the sideways slide has been broken to the downside with the neckline...

Zaiteku7 Updated 

Strong buying opportunity is imminent! Following through on my last idea, now is the time to execute a long strategy. Gold has been range bound for weeks, but it is going to end during the May 1-2 FOMC meeting. Prices will either challenge $1,370 highs OR set new a new ICL at the December low of $1,242. Either way, there is money to be made! We are now...

Zaiteku7 Updated 

Strong buying opportunity is on the horizon! For anyone who follows me, you know I like to setup my trades ahead of time and then wait for the entry signal. So here it is: the ICL will occur in the next few days and a new long entry will challenge recent highs. Gold has been trapped in a declining channel for the past few weeks and it is about to end. We are now...

Zaiteku7 Updated 

Crude is finishing off a bullish pennant pattern on the daily charts. Price MAY have hit their pivot point at $61 today which is a head and shoulders pattern neckline on the 4HR, a uptrend line and a key support level. If $61 holds, then the charge to $67 begins. If $61 fails, the likely target is $59 for a new bull entry with an outside shot at $54. I am opening...

Zaiteku7 Updated 

Strong pinbar on the weekly - follows a steel/aluminum tariff threat from US that was quickly exempted (deferred to NAFTA talks) and some signs that oil & gold are about to explode upwards - all bullish for CAD. Prices rejected and reversed from key resistance level of $1.29100 last week, a strong resistance level. As the US has been driving the USD down, CAD...

Zaiteku7 Updated 

New short entry on the hourly - $62.78 Stop $63.50 Short term target $61 Mid term target $59 Risk-Reward - 5:1 exceptional Long term uptrend has been broken, short term down trendline remains intact before ultimate drive back up (maybe from $61 or $59 base). Daily - bullish pinbar formed, but prices have not accelerated up but rather moved up hesitantly. This is...

Zaiteku7 Updated 

Sideways consolidation/correction period following an aggressive rise is running into support at $1,306 range (50% retracement level). The ABC wave corrective cycle has formed a bullish rectangle with a bottom at 38% to 50% retrace of bull rise. While wave C should extend down to $1,295 in a textbook, a test of key $1295-$1,306 support area failed to breach and...

Zaiteku7 Updated 

New long trade setup from inside $1,296 to $1,306 range. After entry in range looking for gold to challenge $1,360 high in a strong upmove. Given the resistance to dropping currently underway (backdrop of large drops in the stock market) I suspect gold may barely get into my target long entry range so I will enter on any bullish pin bar at that falls into...

Zaiteku7 Updated 

Let's step back and look at the macro oil picture for a minute. Where is oil heading in the next 3 months and why? YES - oil has had a great run up from $46 while the USD was dropping and stocks soaring. YES - a minor drop is underway right now YES - there's debate about the US shale impact and whether OPEC & non-OPEC producers like Russia can cooperate to raise...

Zaiteku7 Updated 

This is a continuation of my last idea, where I had oil topping at $62.58 after a great rise from $46. I got the rise correct but missed the top as oil blew right threw the 11 year resistance level of $62.58. Prices are getting volatile and we finally saw a lower low followed by a slightly lower high at the close of last week - both good bearish signs. On the...

Zaiteku7 Updated 

Gold has built a strong head and shoulders top, especially on the 4 hour chart below. Friday finally saw some bear volume at close, after a week of oil, EUR and gold spiking up lockstep with the movement of the USD. Looking for a difficult neckline break with a backtest to the neckline Grinding upwards along the neckline on low volume before complete failure. This...

Zaiteku7 Updated 

After an aggressive extended rise, has crude oil met its match at the 11 year resistance level of $62.58? Good reversal price action after hours: prices flash spiked to $62.56 early in the after hours session, hitting just below the 11 year resistance level before immediately dropping down into the $62.15-$62.25 range. This looked like saudi traders trying to hit...

Zaiteku7 Updated 

Downwards channel intact, bear drops accelerating. Recent heads & shoulders pattern failed to deliver, but no bull market emerged. The current minor correction will fail this week as US economic fundamentals are far stronger than the Euro zone. I'm watching for a bearish pin bar on Monday or Tuesday with price failing to pierce 1.120200 and preferable breaching...

Zaiteku7 Updated 

OMEX:GC1! 0.55% is nearing the end of a bumpy retracement from recent $1,360 highs. As @Nightstar foretold, Gold 0.55% 0.55% is on track to challenge $1,240 which would complete a 76.4% retracement and set the ICL low firmly in place. This lays the foundation for a strong drive back past $1,360 and new ICH's. With the end of the year approaching, US interest rate...

Zaiteku7 Updated 

The OANDA:EURUSD has broken down the head & shoulders pattern aggressively at the end last week. There is a significant amount of bull sentiment out there which should result in a quick backtest to the neckline at 1.17 on significant volume providing ample opportunities to get into this trade at a great price. This is my target short entry level, provided the...