Pulled 4 AUD/USD longs, 2 remaining. We'll see how gold does going into the US market. It touched 1170.90. Crazy.
Dollar LONG stance but hold trigger till ...
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Don't know if you follow the DSI, David .... Daily Sentiment Index for Gold ....
back to back days of 97% bulls for the 1st time in 22 years MBH Commodity Advisors - my source is Traders Narrative, a free service to my box, so not pushing or rec. any online subscriptions, of which I have ZERO.
Stop is now $1,156 - parabolic mode now clear as a bell.
Previous parabola by Crude Oil is forgotten, but not by me. Crude went from $147 to $38. Same story for Gold - inevitable.
But I'm only interested in euro/$ and DX. Both these have been going sideways since Oct 26 and DX is refusing to fall further despite more and more experts (now everybody) calling for his death. But almost on this very day, Gold went parabolic.
The parabolic wave is $1026 (same as the date, Oct 26 = 10-26) to $1,177 thus far. Even if there is no reversal, the wave structure is orderly, so there must be a correction of 38.2% to 50% or maybe 61.8%.
Theory suggests triangles occur in the penultimate postion of any wave - therefore trading stop should be at $1,164, the current wave 4 position in the long near vertical parabola from Oct 26(+2)
By my own daily chart method the current daily stop is at $1026, just too damn far away to be significant, but wave theory demands this sort of stance. To correct this deficiency I've gone into 1H, hence the above stops.
Only when/if the move is over will it be possible to review and learn from this stunner.
Already I'm wrong by recommending closing 75% position @ $1090 -1106.
Let gold hit this steep up channel resistance maybe 1183-1184 before you decide on stops.
You might even be able to ride gold to 1200 if these US numbers today are bad and stops are ripped and then you will probably see a significant correction to about 1150 by years end since everyone will be closing their books
This is a prediction based on nothing but fear and greed
EurUsd Short 1 full Lot @ 1.50409 Stop = 1.5066
2 min. ago.
That's it. Now I wait for Death or Life.
If there is a top here I'm happy to have caught it using 1H which I still know abs. doodly about.
If stopped out, then that's fine too. I did what I thought was right.
No regrets.
Pain? Plenty. But that's life.
Forcing a smile .......
2 min. ago.
That's it. Now I wait for Death or Life.
If there is a top here I'm happy to have caught it using 1H which I still know abs. doodly about.
If stopped out, then that's fine too. I did what I thought was right.
No regrets.
Pain? Plenty. But that's life.
Forcing a smile .......
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