GOLD - Play it again Sam
Updated
We stopped out the last idea where we had to stop it : at 1413.
Yesterday's close printed a pinbar again. At today's open gold was immediately slammed.
I noticed that at the daily cycle tops banks often force price downwards and not letting it to recover above the previous day's close.
This is exactly what's happening today.
My entry was posted in the previous idea:
If we know where gold heading to we just need a target to close our shorts and start long position again.
The targets are the:
1. 2016 intermediate cycle high at 1375$.
2. The multi year down trendline at 1350$.
I'm waiting for a 4-5 days correction with all the necessary ingredients for a daily cycle low.
For those who want to add or re-enter the miners position:
I think GDX will close the gap at 24$
GDXJ will close the gap at 32.39$
Yesterday's close printed a pinbar again. At today's open gold was immediately slammed.
I noticed that at the daily cycle tops banks often force price downwards and not letting it to recover above the previous day's close.
This is exactly what's happening today.
My entry was posted in the previous idea:
If we know where gold heading to we just need a target to close our shorts and start long position again.
The targets are the:
1. 2016 intermediate cycle high at 1375$.
2. The multi year down trendline at 1350$.
I'm waiting for a 4-5 days correction with all the necessary ingredients for a daily cycle low.
For those who want to add or re-enter the miners position:
I think GDX will close the gap at 24$
GDXJ will close the gap at 32.39$
Note
-1.4% today. Starting a hedge here.Note
This breakdown will turn out to be a beartrap. Probably durable goods order news will push up gold to 1417. I will close the hedges there.Note
Note
Trap triggered.Note
Hedges closed. Full position short again.Note
Typical dead cat bounce.
Note
Today’s menu:Break down of 1400-1403.
Note
Levels to watch:1403 the support level
50 SMA at 1384$
The 2016 high at 1374$
100 SMA and the multi year down trendline at 1357$.
Note
I think when 1403 breaks - probably today or tomorrow - we will get a 20-25$ down day as sentiment drops and everybody will look for the exit door.So 1374$ will be tagged quite fast and I will take profit on most of the position there.
Note
Note
Suspicious rally in a wedge format:Note
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We have quite a volatility today.Note
Watching this triangle:Note
Just as Invictus predicted a few days ago :the DCL is coming.
Note
Coose to break even in this idea now:Note
I don’t expect too much drop here..So one should think of closing at break even.
I will wait the close.
Don’t forget: it’s a short day - market is closing in an hour.
Note
USA is closed tomorrow : Independence DayNote
After Monday’s red candle yesterday’s green candle is an alien.We should had dropped for one more day minimum.
Trade closed manually
Note
I’m starting a long entry here at 1289.
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