Dollar LONG stance but hold trigger till ...
- Thread starter deadbroke
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Quote from deadbroke:
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Evaluating my rec - now and later esp if I'm totally wrong and gold goes to $5k.
the rec 75% TP at 1090 or $1106 expected top would still be shy of the current $1132. So as per the rec you're still in 25%.
If we get a top I'd like to come back to this post and see if there would be that sharp $60-80 drop on reversal.
But in the meantime a 60-min. trendline has made itself available by wave consolidation low along with a 2nd steeper one.
Trendline break exit STOP = $1125.
Dennis Gartman is right to be shit scared to hold Gold without hedging. Don't know what method he uses. Looked like he was shivering on CNBC when asked about Gold's bubble
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Stop remains as-is at $1,125
Before and after on 60-min. ..... since the Stop is not taken out, and gold corrects and goes higher, it gives us an even better = shallower uptrendline. Also visible are the 5 internal waves in the last leg up.
Strategy update ....
No change to the Trend following method on Daily chart outlined in my EurUsd call several pages back. If I survive any retest of EurUsd October 26 top, then my goal is to not jump on and off the southbound train with these mini-Lots, but rather hold them to the end, possibly 1-2 years exiting only when I get the trend reversal signal on Daily.
Ongoing brainstorming on how to hammer 2-Lot trades for 1H waves to go concurrent to my Daily chart long-term holdings - some of these 1H waves run for 700-1000 pips so its very appealing to me to be able to hold even short-term positions for days.
Its hard, so far in just 4 days I've filled 2 waste-paper baskets.
No change to the Trend following method on Daily chart outlined in my EurUsd call several pages back. If I survive any retest of EurUsd October 26 top, then my goal is to not jump on and off the southbound train with these mini-Lots, but rather hold them to the end, possibly 1-2 years exiting only when I get the trend reversal signal on Daily.
Ongoing brainstorming on how to hammer 2-Lot trades for 1H waves to go concurrent to my Daily chart long-term holdings - some of these 1H waves run for 700-1000 pips so its very appealing to me to be able to hold even short-term positions for days.
Its hard, so far in just 4 days I've filled 2 waste-paper baskets.
Gold: (for the 25% balance in my rec)
Stop raised from $1125 to $1130.
Recent 1H action was looking like a H&S top, short-term of course, but now its challenging the top. Still a near-perfect neckline available for the perfect stop if it morphs into a double-top.
Another thing depending on what I'm smoking .........
On 1H a 5-waver down from 11-18 top with a thus far 3-waver rally. Pattern OK as long as top is not taken out. Another drawback is the 5-er is an overlapper unlike that of EurUsd, which was perfection itself.
US Dollar as hated as he is can slap Gold silly if he just wakes up and gets to work.
Looks like he's already sent AUD and NZD into impulsive retreats. Nice clear 5 waves down on 1H. Confirmation of southbound party only after AUDUSD Nov 3 low is taken out.
Stop raised from $1125 to $1130.
Recent 1H action was looking like a H&S top, short-term of course, but now its challenging the top. Still a near-perfect neckline available for the perfect stop if it morphs into a double-top.
Another thing depending on what I'm smoking .........
On 1H a 5-waver down from 11-18 top with a thus far 3-waver rally. Pattern OK as long as top is not taken out. Another drawback is the 5-er is an overlapper unlike that of EurUsd, which was perfection itself.
US Dollar as hated as he is can slap Gold silly if he just wakes up and gets to work.
Looks like he's already sent AUD and NZD into impulsive retreats. Nice clear 5 waves down on 1H. Confirmation of southbound party only after AUDUSD Nov 3 low is taken out.
Interesting figures, not sure of their impact....
http://www.reuters.com/article/europeanCurrencyNews/idUSN2024223220091120
http://www.reuters.com/article/europeanCurrencyNews/idUSN2024223220091120
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