I felt it was worthwhile to re-publish this chart (untouched) to outline how using tight stops can hurt you over time.
Notice the gold market reached the generalized price in a similar, impulsive decline after another set-up where it was failing to rally despite a preponderance of bullish news. Recall back in September when QE3 out of the US and Europe failed to ignite a rally and led to a sharp selloff back then too.
I view this chart as a sign of a bottom to form, but I will wait for a pattern to set-up first. Keep a close eye.
Best regards,
Tim 2:01PM EST May 16, 2012
Notice the gold market reached the generalized price in a similar, impulsive decline after another set-up where it was failing to rally despite a preponderance of bullish news. Recall back in September when QE3 out of the US and Europe failed to ignite a rally and led to a sharp selloff back then too.
I view this chart as a sign of a bottom to form, but I will wait for a pattern to set-up first. Keep a close eye.
Best regards,
Tim 2:01PM EST May 16, 2012
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.