Check the Gold Channel. I just started looking at this tonight. It looks tasty, but won't place trades until watching for a while longer.And posted this chart: then further down, look what happened,
An important break, support at the PRS177...and then a sharp rally and sharp slap down by the main PRS 100 (or zero if you prefer) channel line. This is extremely bearish for Gold. This is one of my systems, this must be bet. Too bad I missed Thursday, but since it was first channel line I drew on Gold, I had to refrain from doing anything.
Seems like you'd get more action from going long the USD or short the EUR. Gold will likely correct, but in the process it will get some support from panicked Europeans buying because the EUR is getting spanked, which will support gold by taking supply off the market.
ReplyDeletePlus, if there's a geopolitical event, (e.g NK touches off something fissile), you'd be whole lot better off long the USD than short gold... 'Just sayin'...
Great point as always. There is a 2X daily fund on the USD, only can buy or sell at close, in a way thats better, intraday Bullish-it won't matter for a nasty stop out.
ReplyDeletegold and silver have gotten a boost from retail, which may spook on any big event, they may cash out, since most of the retail investment in gold is worth only a click, not physical.
As a beginner im attempting to understand your post. When you say that the break down to PSR100 'must be bet' are you saying that its time to bet on (long) or bet off (short)?
ReplyDeleteIt was a backtest of the channel line, broke the 100, then came back up to the 100 again, and then fell away. That is strong juju. The flashcrash happened exactly like that. Google "backtest".
ReplyDeleteBroken support becomes resistance is one of the truest sayings of the tech world. When I say "must be bet" that means I must bet it, since that is my system (one of them), saying "must be bet" since even though this market has killed so many people, if you are not able/willing to bet your system, then you should get out of the market altogether. Therefore, I bet or leave. I better bet, and you can bet that I did bet.
Clear as mud?
yes! thank you :)
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