In this daily chart, we have 5 moves up off the low and Gold is currently trading in the red wave iii of the blue wave (5) of the intermediary i.
We expect this wave iii to top around 1310-15, which corresponds with the 162% extension level. Then, any pullbacks must hold above 1280 in order for wave (5) to top in the upper-bound of the channel.
We do not recommend any short positions in this price structure unless the upper-bound of the channel is reached. We will open a small long position at market open with a tight stop and our 1st target will be 1310.
-The channel on your first chart is not technically sound.
-Did you trade the “upward bound of the channel breach”? Did you trade the “50% retrace of the supercycle”?
-Please share what price you and your team got a fill at (as well as where your stops are)? I’d like to watch how this trade develops based on your analysis.
-Who is “we” - sorry if I missed something. Are you with a brokerage?
Why are you taking a “small position” if you’re seemingly incredibly confident in your analysis that you can book a $150 move in less than 3 weeks w/ “a tight stop”? Why wouldn’t you be up to full risk?
Even after some of your posts have been deleted as being obviously self-promotional?
It’s not an article directory, but in any case, they certainly don’t belong in “Newbie Island”: there’s a special section of the forum reserved for ([I]non-promotional[/I]) posts of this kind, right here: [B]301 Moved Permanently [/B]
Inviting private contact like that is one of the (many) things that makes your motivation appear so clearly promotional.
If you have 100oz of XAU, I will gladly exchange my USD (plus a small premium) to take the gold off your hands. 10 times out of 10, I’d rather back something with actual intrinsic value- not monopoly money that is literally worthless.
ESPECIALLY given where the markets are at right now. Anyone still long USD is getting burned and/or about to be in a world of pain very soon.
Before the World Meltdown in 2008-2009 Oil was trading at $50 and gold was trading at $500. In 2001 Oil was trading at $11 and Gold was trading still at $500. What is gold used for really? Oil, well Fracking, electric, fuel cell technology, LNG on the rise, hello $11 bucks. Gold? $200 bucks.
There are better ways to play the metals , here is one, the gold miners index, this will normally outperform gold, another good one is S&P metals and mining ETF XME, up 64% YTD
If your chart analysis is correct and gold is heading to 1400, why in the world would you be taking shorts, Not something I would do, but if you can make it work, more power to you
Gold movement on the chart seems still on bullish if weekly timeframe as trigger, on monthly also having tendencies to bullish , but now low timeframe occured bearish pattern
Ok oil dipped to $50 in 2007. Not to worry, with Iran having shale oil and 1/2 the conventional oil reserves of Saudi Arabia, $11 dollar oil is coming back. As for Gold, $500 bucks at best. With that out of the way, oil and gold can be traded which is why you are on Babypips. Get the direction and PT right is all that matters.