It wouldn't matter unless price drops below 1240. Sideways may be what gold needs.
Gold, Silver, and Indexes Using Price Action
- Thread starter Gringo
- Start date
It wouldn't matter unless price drops below 1240. Sideways may be what gold needs.
Gold futures are at 1300. The 50% is a few points above and the new trend channel (TC) is also less steep. It had to be redrawn after price fell out of the original TC and then made a new high. The price moved up strongly and it's not that easy to go against the trend. Ideal is to wait for price to come down and then attempt a long. The thing to keep eye on is whether price weakens here. If that happens a shorter term (hourly) short might get triggered. This might need to be carefully managed in case it happens as the trend is now up and going against the trend isn't for the weak of heart.
The point of all this talk is to stay alert. I haven't found an entry so far and it's just sitting there and waiting for the balance of demand and supply to visibly shift for us to initiate a long or a short.
Gringo
The point of all this talk is to stay alert. I haven't found an entry so far and it's just sitting there and waiting for the balance of demand and supply to visibly shift for us to initiate a long or a short.
Gringo
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Gold futures have been moving fast. The TC had to be redrawn and price was falling out of the previous tighter channel easily. Price is now above the 1300 and clearly the strength is there. There isn't much to do if one wasn't already in. We keep an eye on it as price approaches the upper limits. These limits are only in our heads and price can head above them or drop as it pleases. We only use these channels for context. If a sell signal develops closer to the upper TC then a short might be initiated. This short is going to be less probable as compared to a from close to the bottom of the upward sloping TC.
Gold Hourly
Daily chart also shows a persistent uptrend. The hourly looks a bit messy but so far the daily is contained.
Gringo
Gold Hourly
Daily chart also shows a persistent uptrend. The hourly looks a bit messy but so far the daily is contained.
Gringo
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Gold futures have been moving fast. The TC had to be redrawn and price was falling out of the previous tighter channel easily. Price is now above the 1300 and clearly the strength is there. There isn't much to do if one wasn't already in. We keep an eye on it as price approaches the upper limits. These limits are only in our heads and price can head above them or drop as it pleases. We only use these channels for context. If a sell signal develops closer to the upper TC then a short might be initiated. This short is going to be less probable as compared to a from close to the bottom of the upward sloping TC.
Gold Hourly
Daily chart also shows a persistent uptrend. The hourly looks a bit messy but so far the daily is contained.
Gringo
G,
I came up with an alternative view and wanted to share it with you.
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That is the view that I am hoping turns out to be correct.
These miners have been on fire. I posted here about my NUGT trade. I let it go way too early and now I get sick looking at it over 50. Oh well. The business of perpetual regret is what it is.
I don't understand. What's is the difference in interpretation? Is this what you're talking about?
Gringo
The difference was that I did not see we were at the top of a TC, therefore did not expect Prelim R to be found around that area, so far seems like I was wrong, lets see what happens with these bears who are messing with the trend
